Inflation rate drops to 17.24% in April

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NBS

National Bureau of Statistics (NBS) said inflation in eased for the third straight month in April, inching down to 17.24 per cent from 17.26 per cent in March.

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

According to the Bureau, “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.

For the latest inflation rate, April, the bureau said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the headline Index.

According to NBS report, the top items to have recorded the highest year on year increases across all the divisions were Solid Fuels, Bread and Cereals, Meat, Liquid Fuels, Clothing materials, other articles of clothing and clothing accessories, and Fish.

The report by NBS stated that Urban index rose by 17.62 per cent (year-on-year) in April from 18.27 per cent recorded in March, and the Rural index increased by 16.69 per cent in April from 16.47 per cent in March.

“On month-on-month basis, the urban index rose by 1.61 percent in April from 1.76 percent recorded in March, while the rural index rose by 1.59 percent in April from 1.69 percent in March.

“The corresponding twelve-month year-on-year average percentage change for the urban index increased from 18.79 per cent in March to 18.98 per cent in April, while the corresponding rural index also increased from 16.05 per cent in March to 16.69 per cent in April,” the April Inflation rate by NBS explained.

NBS said the Composite Food Index rose by 19.30 per cent in April 2017.

On this the report by NBS said, “On a month-on-month basis, the Food sub index increased by 2.04 percent in April, down by 0.17 per cent points from 2.21 percent recorded in March. The rise in the index was caused by increases in prices of bread, cereals, meat, fish, potatoes, yams and other tubers, coffee, tea and cocoa, milk cheese and eggs and oils and fats

“The average annual rate of change of the Food sub-index for the twelve-month period ending in April 2017 over the previous twelve-month average was 17.11 per cent, 0.51 per cent points from the average annual rate of change recorded in March (16.60) per cent.

“The ”All Items Less Farm Produce” or Core sub-index, which excludes the prices of volatile agricultural produce eased by 14.80 per cent during the month, 0.60 percent points from 15.40 per cent recorded in March as all key divisions which contributes to the index increased.

On a month-on-month basis, the Core sub-index increased by 1.10 per cent in April, 0.22 percent points lower from 1.32 per cent recorded in March. The highest increases were recorded in Solid Fuel, Liquid Fuel, Clothing materials and other articles of clothing, Lubricants for personal transport equipment, Audiovisual, photographic and information processing equipment, Wines and Spirits.”

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