By InvestAdvocate
Click here to download full PDF Report
Lagos (INVESTADVOCATE)-The National Bureau of Statistics (NBS) on Tuesday said Nigerian headline consumer price index (CPI) was 17.24 percent in April, two (2) basis points (bps) down from 17.26 percent recorded in March, 2017, according to to its latest report.
The report says that Nigeria’s headline inflation has recorded its third deceleration in sixteen months. Cordros Research says the 17.24 percent in April, which is Two (2) bps down from 17.26 percent in March is 36 bps higher than Bloomberg’s median estimate and Cordros’ forecast of 16.9 percent apiece.
NBS reports on month-on-month basis, the headline index increased by 1.60 percent compared to 1.72 percent the previous month.
According to the NBS, food inflation rose to 19.30 percent, from 18.44 percent in March. On m/m basis, food inflation climbed by 2.04 percent, a slower pace than the 2.21 percent recorded in March, driven by notable increases in the prices of bread and cereal, meat, fish, potatoes, yam and other tubers, milk, cheese and eggs, coffee, tea, and cocoa.
The report says core inflation increased at a slower pace in April, rising by 14.80 percent compared to 15.4 percent recroded in March, with the highest increases reported in wines and spirits, clothing materials and other articles of clothing, liquid fuel, fuel and lubricants for personal transport equipment, solid fuels, audio-visual, photographic and information processing equipment.
Also, on a m/m basis, the core index increased at a slower rate of 1.10 percent, 22 bps lower than 1.32 percent reported the previous month.
