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Inflation rate

Food price index pushing inflation high even as overall percentage drops to 17.24 in April

Whereas food price index indicated a rise from figures in March, annual inflation in Nigeria eased for the third straight month in April, landing to 17.24 percent from 17.26 percent in March.

The National Bureau of Statistics (NBS) said in its latest report that food price index, rose to 19.30 percent from 18.44 percent in March.

NBS noted that “This is the third consecutive month of a decline in the headline CPI rate, exhibiting effects of some easing in already high food and non-food prices, as well as favourable base effects over 2016 prices”.

Annual inflation fell in March and the month prior to that. The fall in February was the first drop in inflation in 15 months.

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