Nigeria’s Inflation Drops To 12.48% In April, Lowest Since February 2016

The National Bureau of Statistics (NBS) on Tuesday, May 15, 2018, released April 2018 inflation report for the oil-rich West African country, Nigeria.

The NBS report for April 2018 shows that the inflation rate measured by the Consumer Price Index (CPI), dropped for 15th consecutive time to 12.48 percent from 13.34 percent recorded in March 2018. According to the Bureau, this is the lowest since February 2016.

The report said on a month-on-month basis, the Headline index increased by 0.83 percent in April 2018, down by 0.01 percent points from the rate recorded in March 2018.

The Bureau said the CPI which measures inflation increased by 12.48 percent (year-on-year) in April 2018, this is 0.86 percent points less than the rate recorded in March 2018 (13.34) percent.

The report says food inflation declined to 14.8% in April from 16.08% while core inflation declined to 10.9% from 11.2%.

“The Consumer Price Index (CPI) which measures inflation increased by 12.48 percent (year-on-year) in April 2018, this is 0.86 percent points less than the rate recorded in March 2018 (13.34) percent and represents the fifteenth consecutive disinflation since January 2017.

“Increases were recorded in all COICOP divisions that yield the Headline Index.
On a month-on-month basis, the Headline index increased by 0.83 percent in April 2018, down by 0.01 percent points from the rate recorded in March 2018”, the report read.

Meanwhile, the Consumer Price Index measures the average change over time in prices of goods and services consumed by people for a 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 economy of Nigeria.

The selection of the market basket of goods and services is key in the construction of the price index.

On a monthly basis, 10,534 informants spread across the country provide price data for the computation of the CPI and the market items currently comprise of 740 goods and services regularly priced.

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