Inflation down to 18.12 %

 • National Bureau of Statistics (NBS), inflation report

 • while the rural index also rose by 0.95 percent in April 2021, down by 0.57 the rate that was recorded in March 2021 (1.52) percent

 • The corresponding 12 months year-on-year average percentage change for the urban index is 15.63 percent in April 2021

The National Bureau of Statistics (NBS) yesterday said Nigeria’s inflation rate stood at 18.12 percent last month.

According to its data entitled: “Consumer Price Index Report April 2021”, the rate is 0.05 percent lower than the 18.17 percent recorded the previous month.

According to the document, “The Consumer Price (CPI), which measures inflation increased by 18.12 percent (year-on-year) in April 2021.

This is 0.05 percent points lower than the rate recorded in March 2021 (18.17) percent’’.

The NBS noted that in the period under review, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

Monthly, the bureau said the Headline index increased by 0.97 percent last month, this is 0.59 percent rate lower than the rate recorded in March (1.56 percent).

The NBS added that the percentage change in the average composite CPI for the 12-month period ending April 2021 over the CPI for the previous 12-month period was 15.04 percent, showing 0.48 percent point from 14.55 percent recorded in March.

Continuing, the data said: “The urban inflation rate increased by 18.68 percent (year-on-year) in April 2021 from 18.76 percent recorded in March 2021, while the rural inflation rate increased by 17.57 percent in April 2021 from 17.60 percent in March 2021.

“On a month-on-month basis, the urban index rose by 0.99 percent 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 April 2021, down by 0.57 the rate that was recorded in March 2021 (1.52) percent.”

“This is higher than 15.15 percent reported in March 2021, while the corresponding rural inflation rate in April 2021 is 14.48 percent compared to 13.99 percent recorded in March 2021”.