Nigeria’s inflation rate slows to 18.12%, first decline in almost two years

By our reporter| Nigeria’s inflation rate dropped to 18.12 percent in April from 18.17 in March, the first decline in almost two years.

The consumer price index, which measures the rate of change in the price of goods and services, last dropped in 2019 when it slowed from 11.08 percent in July to 11.02 in August.

The National Bureau of Statistics (NBS) which announced this on Monday in its April consumer price index/inflation report, said food inflation also reduced to 22.75 percent in April from 22.95 in March.

“The urban inflation rate increased by 18.68 percent (year-on-year) in April 2021, down by 0.61 the rate recorded in March 2021(1.60), while the rural index also rose by 0.95 percent in August, down by 0.57, the rate recorded in March 2021 (1.52 percent),” the report said.

“The rise in food index was caused by increase in prices of Coffee, tea, coca, Bread and cereals, soft drinks, milk, cheese, and eggs. Vegetables , Meat, oils and Fish and potato, yam, and other tubers.

“On a month-on-month basis, the food sub-index increased by 0.99 percent in April 2021, down by 0.91 percent points from 1.90 percent recorded in March 2021.”

The report noted that food inflation on a year-on-year basis in April was highest in Kogi at (30.52 percent), Ebonyi (28.07 percent), Sokoto (26.09percent), while Abuja (18.63 percent), Akwa-Ibom(18.51 percent), and Bauch (17.64 percent) recorded the slowest rise in year-on-year inflation.

“On a month-on-month basis, however, April 2021 was highest in Kebbi (2.46percent), Ekiti (2.42 percent), and Kano (2.17 percent) while Abuja (0.05percent) recorded the slowest rise in the month-on-month food inflation with Rivers and Ogun recording price deflation or negative inflation.” the report noted.

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