Inflation drops for the first time in 20 months
Nigeria’s headline inflation marginally dropped by 0.05 percent to 18.12 percent in April 2021 compared to 18.17 percent recorded in March.
According to the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS) increases were recorded in all COICOP divisions that yielded the Headline index.
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.
The percentage change in the average composite CPI for the twelve months period ending April 2021 over the average of the CPI for the previous twelve months period was 15.04 percent, showing a 0.48 percent point from 14.55 percent recorded in March 2021.
The urban inflation rate increased by 18.68 percent (year-on-year) in April 2021 from 18.76 percent recorded in March 2021, while the rural inflation rate increased by 17.57 percent in April 2021 from 17.60 percent in March 2021.
On a month-on-month basis, the urban index rose by 0.99 percent 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 April 2021, down by 0.57 the rate that was recorded in March 2021 (1.52) percent.
The corresponding twelve-month year-on-year average percentage change for the urban index is 15.63 percent in April 2021. This is higher than 15.15 percent reported in March 2021, while the corresponding rural inflation rate in April 2021 is 14.48 percent compared to 13.99 percent recorded in March 2021.
Food inflation stood at 22.72 percent in April 2021 from 22.95 percent recorded in the previous month, while Core Inflation increased to 12.74 percent in April 2021 from 12.67 percent recorded in March 2021.