Inflation dropped to 12 48 in april nbs
According to the National Bureau of Statistics (NBS) of Nigeria, the inflation rate in April 2023 dropped to 12.48%. This is a significant decrease from the previous month's rate of 13.34%.
The NBS reports that the Consumer Price Index (CPI), which measures inflation, decreased by 0.86% in April 2023 compared to the previous month. This is the first time the inflation rate has dropped below 13% since October 2022.
The drop in inflation is attributed to a combination of factors, including:
- Improved food supply: The NBS reports that food inflation, which accounts for a significant portion of the CPI, decreased by 1.23% in April 2023 compared to the previous month. This is due to improved agricultural production and supply chain management.
- Monetary policy: The Central Bank of Nigeria (CBN) has implemented several monetary policy measures to reduce inflation, including increasing interest rates and reducing liquidity in the financial system.
- Fiscal policy: The government has also implemented fiscal policies aimed at reducing inflation, such as reducing government spending and increasing revenue.
The drop in inflation is a positive development for the Nigerian economy, as it suggests that the country is moving towards a more stable and sustainable economic environment. However, it is important to note that inflation remains above the CBN's target rate of 6-9%, and the government will need to continue implementing policies to bring it back within the target range.