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CPI Drops to 17.24% in April 2017, 0.02% Lower Than 17.26% March Rate

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Tuesday, May 16, 2017 10:00 AM/NBS 

All Items Index
The Consumer Price Index (CPI) which measures inflation increased by 17.24 percent (year-on-year) though at a slower pace in April 2017, 0.02 percent points lower from the rate recorded in March (17.26) percent.  

This is the third consecutive month of a decline in the headline CPI rate, exhibiting effects of some easing in already high food and non-food prices, as well as favourable base effects over 2016 prices. Increases were recorded in all COICOP divisions that yield the Headline Index.

The top items to have recorded the highest year on year increases across all the divisions were Solid Fuels, Bread and Cereals, Meat, Liquid Fuels, Clothing materials, other articles of clothing and clothing accessories, and Fish.

On a month-on-month basis, the Headline index increased by 1.60 percent in April 2017, 0.12 percent points lower than the rate recorded in March. On a month on month basis, the highest rise in prices were dominated by food items including coffee, tea and cocoa, potatoes, yam and tubers, bread and cereals, milk cheese and eggs and meat and fish. 

It should be noted that the Headline Index is made up of the Core Index and Farm Produce items. As. Processed Foods are included in both the Core and Food sub-indices; this Implies that these sub-indices are not mutually-exclusive.

The Urban index rose by 17.62 percent (year-on-year) in April from 18.27 percent recorded in March, and the Rural index increased by 16.69 percent in April from 16.47 percent in March.  

On month-on-month basis, the urban index rose by 1.61 percent in April from 1.76 percent recorded in March, while the rural index rose by 1.59 percent in April from 1.69 percent in March. 

The corresponding twelve-month year-on-year average percentage change for the urban index increased from 18.79 percent in March to 18.98 percent in April, while the corresponding rural index also increased from 16.05 percent in March to 16.69 percent in April.  

Food Index
The Composite Food Index rose by 19.30 percent in April 2017. On a month-on-month basis, the Food sub-index increased by 2.04 percent in April, down by 0.17 percent points from 2.21 percent recorded in March. The rise in the index was caused by 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 average annual rate of change of the Food sub-index for the twelve-month period ending in April 2017 over the previous twelve-month average was 17.11 percent, 0.51 percent points from the average annual rate of change recorded in March (16.60) percent. 

All Items Less Farm Produce
The ‘’All Items Less Farm Produce’’ or Core sub-index, which excludes the prices of volatile agricultural produce eased by 14.80 percent during the month, 0.60 percent points from 15.40 percent recorded in March as all key divisions which contributes to the index increased. 

On a month-on-month basis, the Core sub-index increased by 1.10 percent in April, 0.22 percent points lower from 1.32 percent recorded in March. The highest increases were recorded in Solid Fuel, Liquid Fuel, Clothing materials and other articles of clothing, Lubricants for personal transport equipment, Audio-visual, photographic and information processing equipment, Wines and Spirits. 

The average 12-month annual rate of rise of the index was recorded at 16.77 percent for the twelve-month period ending in April 2017, 0.09 percent points higher from the twelve-month rate of change recorded in March. 

Click Here to Download April 2017 CPI (PDF) Report 

 

 

 

Latest 2017 NBS Reports    

Q2 2017 

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2.      Telecoms Subscribers Dropped by 1.33% in Q1 2017 - NBS

3.      Nigeria Imports 4.05bn Litres of PMS in Q1 2017 - NBS

4.      Lagos State has the highest domestic and foreign debt profile in 2016 - NBS

5.      2,556 Road Traffic Crashes Recorded in Q1 2017 - NBS

6.      FAAC Disburses N466.93bn in March 2017

7.      Daily Energy Generation Attained a Peak of 5,846 MW in Q1 2017 - NBS

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9.    Average Intercity Transport Fare Increases to N1,466.46 in Mar’17 from N1,411.87 in Feb’17

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13.  Lagos Airport Accounted for 69.1% of International Passengers in 2016 - NBS 

Q1 2017 

14.  11,363 Road Traffic Crashes Recorded in 2016 - NBS

15.   FAAC Disburses N514.15bn in February 2017

16.  FAAC Disburses N430.16bn in January 2017

17.   Average Intercity Transport Fare Decreases to N1,411.87 in Feb’17 from N1430.63 in Jan’17

18.  Average Price of 1kg of Rice Increased by 68% YoY in February 2017

19.  Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - February 2017

20. CPI Drops to 17.78% in February 2017, 0.94% Lower Than 18.72% January Rate

21.  Nigeria Produced 43.49m Tons of Solid Minerals in 2016 - NBS

22. NIPOST Generates N8.84bn Revenue in 2016 - NBS

23. Q4 2016 Merchandise Trade Intensity - Total Trade Grows by 6.5% in 2016

24. Merchandise Trade Grows in Q4 2016 - Records First Quarterly Positive Trade Balance Since Q4 2015

25.  GDP Contracts by -1.30% in Q4 and -1.51% for Full Year 2016; Is Nigeria on Its Way Out of Recession?

26. JAMB Received 11.7m Applications Between 2010 and 2016

27.  Average Kerosene Price Increases to N433.84 in Jan'17 from N231.85 in Dec'16

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29. Average Cooking Gas Price Increases to N2,567.56 in Jan’17 from N2,002.16 in Dec’16

30. Average Diesel Price Increases to N240.52 in Jan’17 from N196.20 in Dec’16

31.  Average Petrol Price Increases to N148.7 in Jan'17 from N146.7 in Dec'16

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36. 19,833 Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS

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40. Banking Sector Records 910.18m Volume of Transaction in 2016 on Electronic Payment Channels - NBS

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42. 10.8% of Nigeria's Total Working Population Are Registered Under The National Pension Scheme - NBS

43. Nigeria Imports 4.83 bn Litres of PMS in Q4 2016 - NBS

44. 72.53% of Nigeria’s Prison Population in 2015 were Un-sentenced - NBS

45.  Lagos, Ogun Top IGR for H1 2016 

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