Inflation rate drops to 18.12 %

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The National Bureau of Statistics (NBS) yesterday said Nigeria’s inflation rate stood at 18.12 per cent last month.

According to its data entitled: “Consumer Price Index Report April 2021”, the rate is 0.05 per cent lower that the 18.17 per cent recorded the previous month.

According to the document, “The Consumer Price (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’’.

The NBS noted that in the period under review, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

Monthly, the bureau said the Headline index increased by 0.97 per cent last month, this is 0.59 per cent rate lower than the rate recorded in March (1.56 percent).

READ ALSO: Alarming: The High Rise in Food Inflation in Nigeria

The NBS added that the percentage change in the average composite CPI for the 12-month period ending April 2021 over the CPI for the previous 12-month period was 15.04 per cent, showing 0.48 per cent point from 14.55 per cent recorded in March.

Continuing, the data said: “The urban inflation rate increased by 18.68 per cent (year-on-year) in April 2021 from 18.76 per cent recorded in March 2021, while the rural inflation rate increased by 17.57 per cent in April 2021 from 17.60 per cent in March 2021.

“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 12 months year -on-year average per cent change for the urban index is 15.63 per cent in April 2021.

“This is higher than 15.15 per cent reported 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”.

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