Nigeria: Inflation falls to lowest level since March 2016
Consumer prices rose 0.83% on a month-on-month basis in April, nearly unchanged from March’s 0.84% rise. Price pressures across sub-components of the index were relatively unchanged compared with March.
Inflation came in at 12.5% in April, down from 13.3% in March and the lowest level since March 2016. Slowing food inflation has helped bring down price pressures, although they still remain stubbornly high. Inflation is well above the Central Bank’s target range of 6.0%–9.0%.
Core consumer prices, which exclude volatile agricultural produce, rose 0.96% month-on-month in April, above March’s 0.83% increase. Meanwhile, core inflation edged down to 11.6% in April (March: 11.8%).