by Azeez Adeniyi

The National Bureau of Statistics on Tuesday said inflation dropped from 17.26 per cent in March to 17.24 per cent in the month of April.

In a report, NBS said the 0.02 per cent points in inflation rate make it the third consecutive month of decline in the CPI.

The report read in part, “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 per cent points lower from the rate recorded in March (17.26) per cent.

“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 favourable base effects over 2016 prices.”