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 reported 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 reported that food inflation, which accounts for a significant portion of the CPI, decreased by 1.23% in April 2023 compared to the previous month.
- Decrease in prices of essential commodities: Prices of essential commodities such as rice, beans, and yams decreased in April 2023, contributing to the drop in inflation.
- Monetary policy interventions: The Central Bank of Nigeria (CBN) has implemented several monetary policy interventions, including reducing interest rates and increasing liquidity in the financial system, which has helped to reduce inflationary pressures.
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 essential to continue monitoring inflation and other economic indicators to ensure that the economy remains on a stable path.