The National Bureau of Statistics, NBS says Nigeria’s inflation rate dropped to 18.12% in April from 18.27% in March.
In its monthly report released on Monday, the bureau said the slide represents 0.05 per cent in April compared to what obtained in the preceding month.
According to the bureau, tHe drop in headline inflation was the first fall in Nigeria’s inflation rate in the last 21 months.
Recall that the last time inflation dropped in Nigeria was in August 2019 when it fell from 11.08 per cent to 11.02 per cent.
“On month-on-month basis, the headline index increased by 0.97 per cent in April. This is 0.59 percentage points higher than the rate recorded in March (1.56 per cent),” said the report.
The bureau further revealed that the percentage change in the average composite of CPI for the 12 months period ending in April over the average of CPI for the previous 12 months period was 15.04 per cent.
A development, it said represented a 0.48 per cent increase over 14.55 per cent recorded in March.
Similarly, NBS informed that the rural index also rose by 0.95 per cent in April, down by 0.57 per cent, compared to the 1.52 per cent rate recorded in March.
The corresponding twelve-month year-on-year average percentage change for the urban index is 15.63 per cent in April.
“This is higher than 15.15 per cent reported in March, while the corresponding rural inflation rate in April is 14.48 per cent compared to 13 per cent recorded in March,’’ it stated.
Food Inflation
On food inflation, the report shows that composite food index rose by 22.72% in
April, when compared to 22.95% in March, indicating another decrease.
On month-on-month basis, the bureau said the food sub-index increased by 0.99 per cent in April, down by 0.91 per cent from 1.90 per cent recorded in March.
According to the report, the rise in the food index was caused by increases in prices of coffee, tea and cocoa, bread and cereals, soft drinks, milk, cheese and eggs, vegetables, meat, oil and fats, fish and potatoes, yam and other tubers.
The data bureau said that “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 12.74 per cent in April, up by 0.07 per cent when compared with 12.67 per cent recorded in March.
It further indicated that on month-on-month basis, the core sub-index increased by 0.99 per cent in April, down by 0.07 per cent when compared with 1.06 per cent recorded in March.
For the NBS, said that the highest increases were recorded in the prices of pharmaceutical products, vehicle spare parts, hairdressing salons and personal grooming establishments.
Other areas are garments, furniture and furnishing, medical services, shoes and other footwear.
Others are motor cars, major household appliances whether electric or not, dental services, hospital services, non-durable household goods and fuel and lubricants for personal transport equipment.
The corresponding twelve-month year-on-year average percentage change for the urban index is 15.63 per cent in April.
“This is higher than 15.15 per cent reported in March, while the corresponding rural inflation rate in April is 14.48 per cent compared to 13 per cent recorded in March,’’ it stated.