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

• The latest data by the NBS defy several predictions by economists, projecting a steady increase in inflation

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.

Read also: Nigeria’s Inflation Rate Hits 18.17%

Latest data 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.

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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.”