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NIGERIA’S INFLATION REDUCES BY 0.05%, FOOD INDEX RISES BY 22.72%

The National Bureau of Statistics (NBS) has announced that Nigeria’s inflation rate decreased by 0.05% in April 2021, the first time in 21 months, while the food index rose by 22.72%.


It is the first fall in Nigeria’s inflation rate in the last 21 months. The last time inflation dropped in Nigeria was in August 2019 when it fell from 11.08 percent to 11.02 percent.


The latest rate is contained in the NBS’s Consumer Price Index (CPI) report for April 2021 released on Monday in Abuja.


It said while the inflation rate stood at 18.17 percent in March, it reduced to 18.12 percent in April.


The report also said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.


“On a month-on-month basis, the headline index increased by 0.97 percent in April. This is 0.59 percentage points higher than the rate recorded in March (1.56 percent)”, the report said.


The NBS said that the percentage change in the average composite of CPI for the 12 months period ending in April over the average CPI for the previous 12 months period was 15.04 percent.


This shows a 0.48 percent increase over 14.55 percent recorded in March.


Read Also: NIGERIA’S INFLATION RATE HITS 18.17%, HIGHEST IN FOUR YEARS


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