After 15 months of being on the rise, the Consumer Price Index (CPI) which measures the rate of inflation in the Nigerian economy, has dropped for the third consecutive month.
According to the National Bureau of Statistics (NBS) inflation report for April, 2017, inflation dropped to 17.24 percent in April, a decline of 0.02 percent from the figures recorded in March.
“This is the third consecutive month of a decline in the headline CPI rate, exhibiting effects of some easing in the already high food and non-food prices,” the NBS report said.
The report further went on to say that the highest rise in prices was dominated by food items only, underlining a boost in President Muhammadu Buhari’s Economic Recovery and Growth Plan (ERGP) which aims to cut inflation rate to about 15 percent by the end of the year.
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