NIGERIAN INFLATION DOWN TO 17.24%
Year on year inflation rate in Nigeria for the third month running edged downwards in April to 17.24% from 17.26% in March, according to Composite Index figures released today May 16 by the National Bureau of Statistics for April 2017.
This indicates that on the average prices are still rising in the country but in the galloping fashion prior to the last three months. The worst may be over but some flash points still point to cause for worry.
For example, even though from the figures the gradual slow down had sipped into urban index which year on year was 17.62% in April compared to 18.27% in March, the Rural index remains untouched by any slow down as it climbed to 16.69% from 16.47% in March.
Besides, more worrisome was the fact that food index more or less drove CPI upwards staying at 19.30% up by April compared to 18.44% increase in March. Month on month, though, there seems to be gradual reverse of this growth came to 2.04% in April compared to month on month increase of 2.21% in March, month on month.
According to selected food prices monitor also released by the NBS today, May 16, major year on year increases occurred in white garri (up 76.58% to N288.45 per kg); Yellow garri with 71.86% increase to N320.9 per kg; and in dried mudfish up 60.17% to N2319.9 per kg.
Other top food price increases year on year include yam tuber, up 42.45% to N250.30 per kg; Black eye beans with 41.30% increase to N324.04 per kg; and evaporated milk which rose by 38.89% to N197.15 for 170g.
None of the selected food items monitored had price drops year on year but the least increase was recorded in sliced bread at 0.29% up for 500g bread.
Month on month top increases in April were however, recorded in Chicken wings, up 18.41%; Onion up 16.74% per kg and chicken feet up 15.36%.
From the composite figures, no sector grouping in the composite index crossed the 200 mark newly in April but some look set to cross this in May, all things being equal because they featured 199 plus in April. This means that by May or at most June, more items in Nigeria will be at prices twice their reference prices in November when the current CPI was adopted.
This indicates that on the average prices are still rising in the country but in the galloping fashion prior to the last three months. The worst may be over but some flash points still point to cause for worry.
For example, even though from the figures the gradual slow down had sipped into urban index which year on year was 17.62% in April compared to 18.27% in March, the Rural index remains untouched by any slow down as it climbed to 16.69% from 16.47% in March.
Besides, more worrisome was the fact that food index more or less drove CPI upwards staying at 19.30% up by April compared to 18.44% increase in March. Month on month, though, there seems to be gradual reverse of this growth came to 2.04% in April compared to month on month increase of 2.21% in March, month on month.
According to selected food prices monitor also released by the NBS today, May 16, major year on year increases occurred in white garri (up 76.58% to N288.45 per kg); Yellow garri with 71.86% increase to N320.9 per kg; and in dried mudfish up 60.17% to N2319.9 per kg.
Other top food price increases year on year include yam tuber, up 42.45% to N250.30 per kg; Black eye beans with 41.30% increase to N324.04 per kg; and evaporated milk which rose by 38.89% to N197.15 for 170g.
None of the selected food items monitored had price drops year on year but the least increase was recorded in sliced bread at 0.29% up for 500g bread.
Month on month top increases in April were however, recorded in Chicken wings, up 18.41%; Onion up 16.74% per kg and chicken feet up 15.36%.
From the composite figures, no sector grouping in the composite index crossed the 200 mark newly in April but some look set to cross this in May, all things being equal because they featured 199 plus in April. This means that by May or at most June, more items in Nigeria will be at prices twice their reference prices in November when the current CPI was adopted.
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