Nigeria’s inflation rate drops to 18.12% in April
The National Bureau of Statistics on Monday, says rate of inflation in Nigeria dropped slightly in April 2021, shedding 0.05 per cent to close at 18.12 per cent in the month under review,
Nigeria’s rate of inflation was 18.17 per cent in the preceding month of March.
The NBS said, “The Consumer Price Index, which measures inflation increased by 18.12 per cent (year-on-year) in April 2021.
The 0.05 per cent drop in April 2021 was the first time the country’s inflation rate would fall in about 20 months, as the last time it fell was in 2019 when the CPI shed 0.06 per cent, falling from 11.08 per cent in July to 11.02 in August.
On month-on-month basis, the headline index increased by 0.97 per cent in April 2021, this was 0.59 percl cent rate lower than the rate recorded in March 2021 (1.56 per cent).
The percentage change in the average composite CPI for the 12 months period ending April 2021 over the average of the CPI for the previous 12 months period was 15.04 per cent, showing 0.48 per cent point from 14.55 per cent recorded 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 per cent).
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).T
The corresponding 12 month year-on-year average percentage change for the urban index was 15.63 per cent in April 2021.