Nigeria’s inflation falls to 17.24% in April

Inflation

Nigeria’s inflation saw a continuous decline to 17.24% for the month of April.

The latest data is an improvement from 17.26% posted by the data bureau in March.

Data according to the Nigeria Bureau of Statistics showed that the continuous decline was attributed to slowing prices of few commodities.

However, the data will still be this high as a result of huge 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 sub-index rose to 19.30% from 18.44% in March.

This sub-index is a major driver of inflation that will take time to adjust.

Analysts predict that Nigeria’s inflation would remain in double digit territory for the rest of the year due to the current recession and a slow recovery of Forex drought needed for imports.

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