Inflation Rate Drops to 12.48%

The Consumer Price Index (CPI) which measures inflation increased by 12.48 percent (year-on-year) in April 2018 which translates to 0.86 percent points less than the rate recorded in March 2018 (13.34) percent and represents the fifteenth consecutive disinflation since January 2017.

This development  is contained in the report just released by the National Bureau of Statistics(NBS) and made available to Economic Confidential in Abuja.

Increases were recorded in all COICOP divisions that yield the Headline Index.

On a month-on-month basis, the Headline index increased by 0.83 percent in April 2018, down by 0.01 percent points from the rate recorded in March 2018.

The percentage change in the average composite CPI for the twelve-month period ending April 2018 over the average of the CPI for the previous twelve-month period was 15.20 percent, showing 0.40 percent.

The Urban inflation rate eased by 12.89 percent (year-on-year) in April 2018 from 13.75 percent recorded in March, while the Rural inflation rate also eased by 12.13 percent in April 2018 from 12.99 percent in March.

On month-on-month basis, the urban index rose by 0.85 percent in April 2018, down by 0.01 from 0.86 percent recorded in March, while the rural index also rose by 0.82 percent in April 2018, recording no change from the figure obtained in March (0.82) percent.

The corresponding twelve-month year-on-year average percentage change for the urban index is 15.47 percent in April 2018. This is less than 15.87 percent reported in March, while the corresponding rural inflation rate in April 2018 is 14.95 percent compared to 15.34 percent recorded in March.