Nigeria’s inflation drops to 12.48%

The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI), which measures inflation for April, decreased to 12.48 per cent (year-on-year) from 13.38 per cent recorded in March.
NBS said in its CPI and Inflation Report for April, posted on its Website on Tuesday, that the decrease represented 0.86 per cent and the lowest since February 2016.
This is the fifteenth consecutive time that the inflation rate has declined since January 2017.
The bureau said increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
The bureau said the rural inflation rate also dropped to 12.13 per cent in April from 12.99 per cent in March.
On month-on-month basis, it said the urban index rose to 0.85 per cent from 0.86 per cent recorded in March.
The NBS said the rural index also remained unchanged from 0.82 per cent from the figure obtained in March.