Nigeria’s inflation rate dropped mildly in April

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Factual Pursuit of Truth for Progress

 

Nigeria’s inflation in April 2021 showed a slight drop even as industry observ erw expected the contrary.

According to reports, the 18.17 percent year-on-year recorded in March 2021 to 18.12 percent year-on-year in the month of April 2021, indicating a drop of 0.05 percent.

This was part of information made public in the consumer price index (CPI) of the National Bureau of Statistics (NBS) released on Monday.

“On month-on-month basis, the Headline index increased by 0.97 percent in April 2021, this is 0.59 percent rate lower than the rate recorded in March 2021 (1.56) percent.”

Food prices stood at 22.72 percent year-on-year in April, from 22.95 percent recorded in March 2021.

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

The urban inflation rate increased by 18.68 percent (year-on-year) in April from 18.76 percent recorded in March while the rural inflation rate increased by 17.57 percent in April from 17.60 percent the previous month.

NBS also disclosed that the core inflation increased to 12.74 percent in April from 12.67 percent recorded a month earlier.

On states with the highest inflation rates year-on-year were Kogi (24.33 percent), Bauchi (22.93 percent), and Sokoto (20.96 percent) listed in the corresponding order.

The lowest inflation rates year-on-year were recorded in Abia (15.94 percent), Kwara (15.70 percent), and Katsina (15.58 percent).

On food inflation, Kogi (30.52 percent), Ebonyi (28.07 percent) and Sokoto (26.90 percent) recorded the highest growth in inflation compared to the same period last year.

While Abuja (18.63 percent), Akwa Ibom (18.51 percent), and Bauchi (17.64 percent) had the slowest inflation rate year-on-year.

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