Nigerians are reacting to the new consumer price index that has declined by 0.02 percent. Traders say they are yet to feel the impact this drop on the prices of food stuff.
But, experts say more needs to be done by the government to stabilise the economy.
Correspondent Tolulope Ogunjobi visited some markets in Lagos and reports that it is a cheering news for those in authority but, a different kettle of fish for masses.
The recently released figures by the Nation bureau of statistics states that the consumer price index which measures inflation rate has continued to decline.
The NBS said the CPI of inflation rate dropped to 17.24 percent year on year in April declining by 0.02 percent from the figure recorded in March 2017.
This is the third consecutive month of a decline in the headline CPI rate, which is supposed to ease the already high prices of food and non food prices.
But, Food stuff sellers, small business owners, clothes sellers say they are yet to feel the impact of the marginal decline in inflation rate.
Our Correspondent’s trip to some major markets show differential in the prices of Meat, chicken, fish and yam. The sellers are oblivious of the effect of the new CPI figures.
They ascribe the unstable prices to hike in the price of petroleum products which has affected movement of good and services across the country.
Financial analysts agree that inflationary pressures persists in the country inspite of the moderate decline in year to year inflation adding that a lot needs to be done to further stabilise the macro economic environment.