The National Bureau of Statistics (NBS) has stated that the country’s inflation dropped to 17.24 per cent in April on year-on-year basis from 17.26 per cent in March.
The NBS stated in “Consumer Price Index (CPI) April 2017’’ report released in Abuja that the inflation was 0.02 per cent lower than the rate recorded in March.
“This is the third consecutive month of a decline in the headline CPI rate, exhibiting effects of some easing already high food and non-food prices as well as favourable base effects over 2016 prices.
“Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.
“The top items to have recorded the highest year- on- year increases across all the divisions were Solid Fuels, Bread and Cereals.
“Meat, Liquid Fuels, Clothing materials, other articles of clothing and clothing accessories, and Fish also recorded increase.’’
On a month-on-month basis, the report stated the Headline index increased by 1.60 per cent in April which was 0.12 per cent points lower than the rate recorded in March.
“On a month-on-month basis, the highest rise in prices was dominated by food items including coffee, tea and cocoa and potatoes.
“Other food items are yam and tubers, bread and cereals, milk cheese and eggs and meat.”
According to the report, the Urban Index rose by 17.62 per cent (year-on-year) in April to 18.27 per cent recorded in March.
It also stated that the Rural index increased by 16.69 per cent in April from 16.47 per cent in March.
On month-on-month basis, it stated that the urban index rose by 1.61 per cent in April from 1.76 per cent recorded in March, while the rural index rose by 1.59 per cent in April from 1.69 per cent in March.
“The corresponding twelve-month year-on-year average percentage change for the urban index increased from 18.79 per cent in March to 18.98 per cent in April.
“However, the corresponding rural index also increased from 16.05 per cent in March to 16.69 per cent in the month.’’
Meanwhile, the report further stated that the Composite Food Index rose by 19.30 per cent in April 2017.
On a month-on-month basis, it stated that the food sub-index increased by 2.04 per cent in April, down by 0.17 per cent points from 2.21 per cent recorded in March.
“The rise in the index was caused by increases in prices of bread, cereals, meat, fish, potatoes, yams and other tubers, coffee, tea and cocoa, milk cheese and eggs and oils and fats.
“The average annual rate of change of the Food sub-index for the 12-month period ending in April 2017 over the previous 12-month average was 17.11 per cent.
“It was 0.51 per cent points from the average annual rate of change recorded in March (16.60) per cent,’’ it stated.
The Tide source gathered that CPI measures the average changeover time in prices of goods and services consumed by people for day-to-day living.
The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.