By: Oluwaseyi Bangudu
The Consumer Price Index (CPI) which measures inflation increased by 17.24 percent (year-on-year) though at as lower pace in April 2017, 0.02 percent points lower from the rate recorded in March (17.26) percent, the Nigerian Bureau of Statistics has said.
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, the Bureau said in its Consumer Price Index Report for the month of April released this month.
Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index. The top items to have recorded the highest year on year increases across all the divisions were Solid Fuels, Bread and Cereals, Meat, Liquid Fuels, Clothing materials, other articles of clothing and clothing accessories, and Fish.
On a month-on-month basis, the Headline index increased by 1.60 percent in April 2017, 0.12 percent points lower than the rate recorded in March. On a month on month basis, the highest rise in prices were dominated by food items including coffee, tea and cocoa, potatoe, yam and tubers, bread and cereals, milk cheese and eggs and meat and fish.
The Composite Food Index rose by 19.30 percent in April 2017. On a month-on-month basis, the Food sub index increased by 2.04 percent in April, down by 0.17 percent points from 2.21 percent recorded in March. The rise in the index was caused by increases in prices of bread, cereals, meat, fish, potatoes, yams and other tubers, coffee, tea and cocoa, milk cheese and eggs and oils and fats.
The ”All Items Less Farm Produce” or Core sub-index, which excludes the prices of volatile agricultural produce eased by 14.80 percent during the month, 0.60 percent points from 15.40 percent recorded in March as all key divisions which contributes to the index increased.
On a month-on-month basis, the Core sub-index increased by 1.10 percent in April, 0.22 percent points lower from 1.32 percent recorded in March.
The highest increases were recorded in Solid Fuel, Liquid Fuel, Clothing materials and other articles of clothing, Lubricants for personal transport equipment, Audiovisual, photographic and information processing equipment, Wines and Spirits.
The CPI (Consumer Price Index) measures the average change over time in prices of goods and
Services consumed by people for day-to-day living.