Nigerian Inflation Falls To 17.24 Percent In April

Annual inflation in Nigeria eased for the third straight month in April, inching down to 17.24 percent from 17.26 percent in March, the National Bureau of Statistics said in a report.

A separate food price index, however, showed inflation there rose to 19.30 percent from 18.44 percent in March.

“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,” the report stated.

Annual inflation fell in March and the month prior to that. The fall in February was the first drop in inflation in 15 months, reports Reuters.

Nigeria, which has Africa’s largest economy, is in its second year of recession and is contending with a currency crisis and dollar shortages brought on by low oil prices, which is the OPEC member’s mainstay.