Nigeria’s annual inflation falls to 12.48%, over two-year low

Statistician-General of the National Bureau of Statistics, Dr Yemi Kale says inflation has dropped in April to 12.48%

The National Bureau of Statistics said on Tuesday that Nigeria’s annual inflation stood at 12.48 percent in April, its lowest level in more than two years and its 15th straight monthly drop.

It fell from 13.34 percent in March. A separate food price index showed inflation at 14.80 percent in April, compared with 16.08 percent in March.

“Headline Inflation declined for 15th consecutive time to 12.48% year on year from 13.34% in March (lowest since Feb 2016),” Dr Yemi Kale, Statistician-General/CEO of NBS wrote on Twitter.

“Food inflation declined to 14.8% in April from 16.08%; Core inflation declined to 10.9% from 11.2%,” he added.

Food inflation has been in double figures for nearly three years, but has slowed for the past six months.

The statistics office said the highest increases were recorded in potatoes, yam and other tubers, as well as bread and cereals, plus oil and fats.

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The central bank’s monetary policy committee is due to meet later this month to set its main interest rate. It held the rate at 14 percent in April in an attempt to curb inflation, especially in food prices.

It has kept rates tight for more than a year to support the naira and attract foreign investors into the debt market.

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