Nigeria’s Inflation Rate Drops To 18.12%- NBS

Nigeria's Inflation Rate Drops To 18.12 - NBS

The National Bureau of Statistics (NBS), in its latest report on inflation, has disclosed that the prices of goods and services declined to 18.12 percent in the month of April, down from 18.17 percent recorded in March.

The bureau made the announcement on Monday in its April consumer price index/inflation report.

The last time a decline in the rate of inflation was recorded was in 2019 when the rate lessened from 11.08 percent in July to 11.02 in August.

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Also, food inflation shrank to 22.75 percent in April as againts 22.95 witnessed in March.

“The urban inflation rate increased by 18.68 percent (year-on-year) 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 August, down by 0.57, the rate recorded in March 2021 (1.52 percent),” the report said.

“The rise in food index was caused by increase in prices of Coffee, tea, coca, Bread and cereals, soft drinks, milk, cheese and eggs. Vegetables , Meat, oils and Fish and potato, yam and other tubers.

“On a month-on-month basis, the food sub index increased by 0.99 percent in April 2021, down by 0.91 percent points from 1.90 percent recorded in March 2021.”

According to the report Kogi State with 30.52 percent recorded the highest food inflation on a year-on-year basis in April, others are; Ebonyi (28.07 percent), Sokoto (26.09percent), while Abuja (18.63 percent), Akwa-Ibom(18.51 percent), and Bauch (17.64 percent) recorded the slowest rise in year-on-year inflation.

“On a month-on-month basis, however, April 2021 was highest in Kebbi (2.46percent), Ekiti (2.42 percent), and Kano (2.17 percent) while Abuja (0.05percent) recorded the slowest rise in the month-on-month food inflation with Rivers and Ogun recording price deflation or negative inflation.” the report added.

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