Inflation Rate Drops To 18.12%, First In 20 Months
Inflation rate has dropped to 18.12 percent in April from 18.17 percent recorded in March, the latest report said.
The decline in inflation rate which is slightly at 0.5 percent, is the first in the last 20 months since the country recorded a steady rise.
The Consumer Price Index (CPI) released on Monday by the National Bureau of Statistics (NBS) revealed that urban inflation rate increased by 18.68% (year-on-year) in April 2021, down by 0.61% of the rate recorded in March 2021 (1.60%).
The rural index also rose by 0.95% in April, down by 0.57% from the 1.52% recorded in March 2021.
Food inflation rate declined to 22.75% in April from 22.95% in March.
‘The rise in the food index was caused by an increase in prices of coffee, tea, coca, bread and cereals, soft drinks, milk, cheese and eggs, among others,’ it noted.
On a month-on-month basis, the food sub index increased by 0.99% in April 2021, down by 0.91% points from 1.90% recorded in March 2021.
Analysis of the report showed that food inflation in April was highest in Kogi at (30.52%), Ebonyi (28.07%) and Sokoto (26.09%). The following states recorded the least food inflation: Abuja (18.63%), Akwa-Ibom (18.51%), and Bauchi (17.64%).
The highest increases were recorded in prices of pharmaceutical products, vehicle spare parts, hairdressing salons, and personal grooming establishments, major household goods, fuel and lubricants among others.
Inflation Rate Drops