- Nigeria's economy continues to improve as the inflation rate drops to 12.48%
- The NBS report stated that this is the 15th consecutive time the inflation rate has dropped
- The report also revealed that the urban inflation rate dropped to 12.89% year-on-year in April from 13.75% recorded in March
The National Bureau of Statistics on Tuesday, May 15, released the Consumer Price Index, which measures inflation, with the index dropping from 13.34% in March to 12.48% in April.
Dr Yemi Kale, the statistician-general of the federation and CEO of NBS twitted the latest report in his official verified Twitter handle: @sgyemikale
The tweet: “April 2018 Consumer Price Index/ Inflation Report Published: Headline Inflation declined for 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 NBS stated in the report that April was the 15th consecutive month that the inflation rate would be experiencing a decline.
The report read in part: “The Consumer Price Index, which measures inflation, increased by 12.48% (year-on-year) in April 2018. This is 0.86% points less than the rate recorded in March 2018 (13.34%) and represents the 15th consecutive disinflation since January 2017.
“On a month-on-month basis, the headline index increased by 0.83%in April 2018, up by 0.01% points from the rate recorded in March.”
The NBS report stated that the urban inflation rate dropped to 12.89% year-on-year in April from 13.75% recorded in March, while the rural inflation rate also eased by 12.13% in April from 12.99% a month earlier.
On month-on-month basis, the report noted that the urban index rose by 0.85% in April, down by 0.01 from the 0.86% recorded in March, while the rural index also rose by 0.82% in April, recording no change from the figure obtained in March.
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The report stated that the highest increases were recorded in prices of fuel and lubricants for personal transport equipment, vehicle spare parts, garments and clothing materials, and other articles of clothing and clothing accessories, hairdressing salons and personal grooming establishments, paramedical services and pharmaceutical products.
Legit.ng previously reported that President Muhammadu Buhari at a state dinner held in his honour on Monday, May 14, by the Jigawa state government said the nation’s economy is steadily improving, as it has taken a turn for the better.
The president in a statement on Tuesday, May 15, by his senior special assistant on media and publicity, Garba Shehu, urged Nigerians to remain optimistic, assuring everyone that the future of the country is bright.
Speaking at the dinner during his two-day working visit, President Buhari called on Nigerians to continue supporting his administration’s well thought-out economic policies.
He urged Nigerians to remain optimistic as the future of the country is bright.
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