Nigeria's inflation rate declines to lowest in 2 years

intern

May 15, 2018 11:32 AM

The NBS said inflation declined for the 15th consecutive time to 12.48% year on year from 13.34% in March (lowest since Feb 2016)

Nigeria’s annual inflation rate declined to 12.48% in April 2018 from 13.34 % in the prior month, the fifteen consecutive decline and lowest since February of 2016, in line with market expectations and analysts prediction.

The National Bureau of Statistics (NBS) disclosed this in its CPI report titled ‘CPI and Inflation Report April 2018’, released on Tuesday, May 15, 2018, in Abuja, Nigeria's capital city.

The April headline figure represents 0.86 percent points less than the rate recorded in March 2018, which was 13.34%.

The NBS said inflation declined for the 15th consecutive time to 12.48% year on year from 13.34% in March (lowest since Feb 2016). Food inflation declined to 14.8% in April from 16.08%; Core inflation declined to 10.9% from 11.2%.

“The Consumer Price Index which measures inflation increased by 12.48 per cent (year-on-year) in April 2018.

“This is 0.86 per cent points less than the rate recorded in March 2018 (13.34) per cent and represents the fifteenth consecutive disinflation since January 2017.

“On a month-on-month basis, the Headline index increased by 0.83 per cent in April 2018, up by 0.01 per cent points from the rate recorded in March.”

Analysts have predicted moderation in the inflation figure driven majorly on base-effect approach, the impact of the rise in the price level in the previous and current year. FSDH Research almost predicted correctly by putting the figure at 12.43% for April.

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