The National Bureau of Statistics (NBS) announced on Tuesday that Nigeria’s Consumer Price Index, which measures inflation, dropped to 17.24 percent in April, marking the third consecutive month the inflation rate has fallen.
The NBS report revealed that the inflation rate in March sat at 17.26 percent. This 0.02 percent drop, while minor, indicates that the price of food and non-food items has been “easing” so far in 2017.
“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 percent points lower from the rate recorded in March (17.26) percent,” the report reads.
“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 favorable base effects over 2016 prices.”
News of the dropping inflation rate comes as Minister of Finance Kemi Adeosun announced that Nigeria would soon exit its recession, which is generally indicated by two consecutive quarters of negative growth.