Nigeria’s inflation rate slightly dropped in April 2021 against analysts’ expectations.
This was contained in the consumer price index (CPI) of the National Bureau of Statistics (NBS) released on Monday evening.
“On month-on-month basis, the Headline index increased by 0.97 percent in April 2021, this is 0.59 percent rate lower than the rate recorded in March 2021 (1.56) percent.”
Food prices stood at 22.72 percent year-on-year in April, from 22.95 percent recorded in March 2021.
“On month-on-month basis, food sub-index increased by 0.99 percent in April 2021, down by 0.91 percent percent points from 1.90 percent recorded in March 2021.”
The urban inflation rate increased by 18.68 percent (year-on-year) in April from 18.76 percent recorded in March while the rural inflation rate increased by 17.57 percent in April from 17.60 percent the previous month.
NBS also disclosed that the core inflation increased to 12.74 percent in April from 12.67 percent recorded a month earlier.
A breakdown of States with the highest inflation rates year-on-year with Kogi (24.33 percent), Bauchi (22.93 percent), and Sokoto (20.96 percent) listed in the corresponding order.
The lowest inflation rates year-on-year were recorded in Abia (15.94 percent), Kwara (15.70 percent), and Katsina (15.58 percent).
For food inflation, Kogi (30.52 percent), Ebonyi (28.07 percent) and Sokoto (26.90 percent) recorded the highest growth in inflation compared to the same period last year.
While Abuja (18.63 percent), Akwa Ibom (18.51 percent), and Bauchi (17.64 percent) had the slowest inflation rate year on year.