Connect with us


Nigeria’s Inflation Rate Drops For First Time In 20 Months



Inform Others

Nigeria’s headline inflation has dropped for the first time in 20 consecutive months, recording 18.12 per cent decrease in April year-on-year from 18.17 per cent reported in March.

The National Bureau of Statistics (NBS) disclosed this in the Consumer Price Index (CPI) April 2021 report published on Monday.

Latest by the agency revealed that food, urban, and rural inflation also dropped, leaving core inflation on the high at 12.74 per cent which rose due to increases in pharmaceutical products and other items.

“The Consumer Price Index (CPI), which measures inflation increased by 18.12 per cent (year-on-year) in April 2021. This is 0.05 per cent points lower than the rate recorded in March 2021 (18.17) per cent. Increases were recorded in all COICOP divisions that yielded the Headline index,” the report said.

ALSO READ  Nigeria To Receive 29.8 Million Doses Of Johnson & Johnson COVID-19 Vaccine

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

“The percentage change in the average composited CPI for the twelve months period ending April 2021 over the average of the CPI for the previous twelve months period was 15.04 per cent, showing 0.48 per cent point from 14.55 per cent recorded in March 2021.”

According to the NBS, the urban inflation rate increased by 18.68 per cent (year-on-year) in April from 18.76 per cent recorded in the previous month while the rural inflation rate rose by 17.57 per cent in April from 17.60 per cent recorded in March.

ALSO READ  Trump sets up "Office Of The Former President" in Florida

On a month-on-month basis, the urban index rose by 0.99 per cent in April 2021, down by 0.61 the rate recorded in March 2021 (1.60), while the rural index also rose by 0.95 per cent in April 2021, down by 0.57 the rate that was recorded in March 2021 (1.52) per cent.

“The corresponding twelve-month year-on-year average percentage change for the urban index is 15.63 per cent in April 2021.

“This is higher than 15.15 per cent compared to 13.99 percent recorded in March 2021, while the corresponding rural inflation rate in April 2021 is 14.48 per cent compared to 13.99 per cent recorded in March 2021,” the report said.

Similarly, the composite food index rose by 22.72 per cent in April compared to 22.95 per cent recorded in the previous month.

ALSO READ  Atiku sends Christmas message to Christians

The NBS explained that the rise in the food index was a result of the increase in prices of coffee, tea, coca, bread and cereals, soft drinks, milk, cheese and eggs, vegetables, meat, oils and fats, fish and potatoes, yam and other tubers.

The food sub-index also increased on a month-on-month basis by 0.99 per cent in April, down by 0.91 per cent points from 1.90 per cent recorded in March.

Kogi, Bauch, and Sokoto States, according to the report, recorded the highest inflation while Abia, Kwara, and Katsina had the lowest inflation in the month under review.

The latest by the NBS beat the expectations of economists who had projected a continuous increase in inflation.

Inform Others

Editor's Picks For You



News4 months ago

Diezani Forfeited Jewellery Worth N14.4bn, Houses Valued At $80m – EFCC

Inform OthersThe Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa has disclosed that the jewellery forfeited by...

Abroad4 months ago

Obama Hails Rashford For Child Food Poverty Campaign

Inform OthersFormer US president Barack Obama has spoken with Manchester United forward and campaigner Marcus Rashford, praising him for the...

News4 months ago

UN Body To Investigate Israel-Gaza Violence

Inform OthersThe UN Human Rights Council has voted to investigate violence in the recent conflict between Israel and Hamas. The...

News4 months ago

One In Three Nigerian Girls Are Sexually Abused – UNICEF

Inform OthersThe United Nations Children’s Fund (UNICEF) has said that this year’s Children’s Day comes at a challenging moment as...

News4 months ago

Buhari Appoints New Chief Of Army Staff, Major-General Yahaya

Inform OthersPresident Muhammadu Buhari has appointed Major-General Farouk Yahaya as the new Chief of Army Staff. This is according to...

News4 months ago

Nine Suspected Cultists Nabbed During Supremacy Battle In Ogun

Inform OthersNine suspected cultists have been arrested during what the police say was a supremacy battle in the Ajegunle area...

News4 months ago

Morocco Lawmakers A Step Closer To Legalising Medical Use Of Cannabis

Inform OthersMoroccan lawmakers on Wednesday approved a law legalising the therapeutic use of cannabis, bringing one of the world’s biggest...

News5 months ago

Fear Of Military Coup Grips Mali As Army Detains President, Prime Minister

Inform OthersThe fear of a possible military coup has gripped Mali after the military detained the President and Prime Minister...

News5 months ago

CBN Retains Monetary Policy Rates At 11.5%

Inform OthersThe Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has again voted to retain the monetary...

Insecurity5 months ago

Banditry: 16 People Killed In Fresh Attacks On Plateau Villages

Inform OthersSixteen persons have been reported killed in two separate attacks in Jos North and Riyom Local Government Areas of...



You cannot copy content of this page