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Tag: inflation rate

  • Just in: Nigeria’s inflation rate rises to 12.2%, highest in 21 months

    The National Bureau of Statistics on Tuesday said inflation rose by 12.20 percent year-on-year in February – highest inflation rate recorded by the economy in the last 21 months .

    The inflation rate of 12.2 percent, according to the bureau is 0.07 percentage points higher than the 12.13 percent recorded in January.

    The NBS said the urban inflation rate increased by 12.85 percent year-on-year in February from 12.78 percent recorded in January this year.

    On the other hand, the NBS report said the rural inflation rate increased by 11.61 percent in February from 11.54 percent recorded in January.

    On a month-on-month basis, the report said the urban index rose by 0.82 percent in February, up by 0.10 percentage points from the 0.92 percent recorded in January.

    It also said the rural index rose by 0.76 percent in February, down by 0.07 from the 0.83 percent recorded in January.

  • Just in: Inflation rate drops for third consecutive month to 17.24%

    Just in: Inflation rate drops for third consecutive month to 17.24%

    National Bureau of Statistics on Tuesday said the Consumer Price Index which measures inflation dropped from 17.26 per cent in March to 17.24 per cent in the month of April.

    The NBS in the report stated that the 0.02 per cent points in inflation rate make it the third consecutive month of decline in the CPI.

    This, the report added, is an indication that the high food and non-food prices in the, as well as the unfavourable base effects of the 2016 prices, have started easing.

    The report read in part, “The Consumer Price Index which measures inflation increased by 17.24 percent (year-on-year) though at a slower pace in April 2017, 0.02 per cent points lower from the rate recorded in March (17.26) per cent.

    “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, as favourable base effects over 2016 prices.”