Nigeria’s Consumer Price Index, CPI, has recorded a decline in April from 13.34 per cent in March 2018 to 12.48 per cent in April, inching closer to the Central Bank of Nigeria, CBN’s target of 12 per cent or less. This is happening for the 15th consecutive month since January 2017.
The latest year-on-year figure confirmed yesterday by the National Bureau of Statistics, NBS, represents 0.86 per cent less than March figure of 13.34 per cent.
Hence, this is the 15th consecutive crash in inflation figure since January 2017, even as food prices remained high. The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.
NBS, in its latest inflation data, noted that on a month-on-month basis, headline index increased by 0.83 per cent in April 2018, down by 0.01 per cent points from the rate recorded in March 2018. The corresponding 12-month year-on-year average percentage change for the urban index was 15.47 per cent in April 2018.
This was less than 15.87 per cent reported in March, while the corresponding rural inflation rate in April 2018 was 14.95 per cent compared to 15.34 per cent recorded in March.
The percentage change in the average composite CPI for the 12-month period ending April 2018 over the average of the CPI for the previous 12-month period was 15.20 per cent, showing 0.40 per cent.
Similarly, the statistics agency pointed out that there was a modest increase in composite food index during the month under observation, which rose by 14.80 percent in April 2018.
“The rise in the food index was caused by increases in prices of potatoes, yam and other tubers, fish, bread and cereals, oil and fats, vegetables, coffee, tea and cocoa, meat, milk, cheese and eggs.
“On a month-on-month basis, the food sub-index increased by 0.91 per cent in April 2018, up by 0.01 per cent points from 0.90 per cent recorded in March. The average annual rate of change of the Food sub-index for the 12-month period ending April 2018,” NBS observed in the inflation report.
However, the urban inflation rate eased by 12.89 per cent (year-on-year) in April 2018 from 13.75 per cent recorded in March, while the rural inflation rate also eased by 12.13 per cent in April 2018 from 12.99 per cent in March.
The report noted that: “On month-on-month basis, the urban index rose by 0.85 per cent in April 2018, down by 0.01 from 0.86 per cent recorded in March, while the rural index also rose by 0.82 per cent in April 2018, recording no change from the figure obtained in March (0.82) per cent.
“The highest increases were recorded in prices of fuel and lubricants for personal transport equipment, vehicle spare parts, garments and clothing materials and other articles of clothing and clothing accessories, hairdressing salons and personal grooming establishment, and paramedical services.”
In profiling states with the highest all items inflation in April on year-on-year basis, Kebbi tops the chart with 15.94%. It was followed by Rivers (15.01%) and Yobe (14.93%), while Kwara (9.77%), Delta (10.46%) and Benue (11.19%) recorded the slowest rise in headline year-on-year inflation.
On a month-on-month basis, however, in April 2018, all items inflation was highest in Kebbi (1.73%), Rivers (1.72%) and Lagos (1.60%), while Bauchi (0.01%) recorded slowest rise and Kaduna and Kano recorded price deflation on a month-on-month all items basis in April 2018.
On food inflation on a year-on-year basis, Kebbi tops with 17.92%, Bayelsa (17.85%) and Nasarawa (17.71%), while Benue (10.95%), Kogi (12.27%) and Gombe (12.46%) recorded the slowest rise in food inflation.
On a month-on-month basis, however, April 2018 food inflation was highest in Lagos (2.49%), Ekiti (2.0%) and Kebbi (2.0%) and Rivers (1.98%), while Benue, Borno, Kaduna, Kano and Nasarawa all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative.