Nigeria: Inflation inches down in April
May 16, 2017
In April, consumer prices increased 1.6% month-on-month, down from the 1.7% increase in March (previously reported: +1.5%). The increase in April was driven by higher prices in food and non-alcoholic beverages.
Inflation followed suit and also increased less in April than in March. April’s reading of 17.2% was a notch down from March’s 17.3%, marking the third consecutive month in which inflation eased after continuously increasing in 2016. According to the National Bureau of Statistics, the decline in the inflation rate reflects some easing of high food and non-food prices and a favorable base effect in comparison to last year´s prices. Despite the drop in inflation in April, annual average inflation increased from 17.3% in March to 17.6%, the highest rate in over 11 years.
Core consumer prices, which exclude farm products and energy prices, rose 1.1% over the previous month in April, which was down from February’s 1.3% increase. Core inflation increased marginally from 13.6% in March to 13.7% in April, while annual average core inflation recorded its highest level in over 10 years at 13.9% (March: 13.7%).
Author: Jan Lammersen, Economist