The National Bureau of Statistics (NBS) has reported a slight decrease in Nigeria’s Consumer Price Index (CPI), which measures the general price level (inflation) in the economy, from 18.17 percent rate recorded year-on-year in March to 18.12 percent in April 2021.
The NBS stated that the drop represented 0.05 per cent points lower than the rate recorded in the preceding month.
According to the Bureau, the 0.05 per cent drop in April 2021 was the first time Nigeria’s inflation rate would fall in about 20 months. The rate fell in 2019 when the CPI dipped 0.06 per cent, falling from 11.08 per cent in July to 11.02 in August.
In its latest inflation report, the NBS stated despite the marginal drop in the inflation rate, increases were still recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
According to the report, on month-on-month basis, the headline index increased by 0.97 per cent in April , representing 0.59 percent rate lower than the 1.56 per cent rate recorded in the preceding month
The Bureau further clarified that the percentage change in the average composite CPI for the 12 months period ending April 2021 over the average of the CPI for the previous 12 months period was 15.04 per cent, showing 0.48 per cent point from 14.55 per cent recorded in March 2021.
It stated that urban inflation rate increased by 18.68 per cent year-on-year in April 2021 from 18.76 per cent recorded in March 2021, while the rural inflation rate increased by 17.57 per cent in April 2021 from 17.60 per cent in March 2021.
On a month-on-month basis, the urban index rose by 0.99 per cent in April 2021, down by 0.61 the rate recorded in March 2021 (1.60 per cent).
Similarly, the NBS reported that rural index also rose by 0.95 per cent in April 2021, down by 0.57 points from the 1.52 per cent rate recorded in March.
It also stated that the corresponding 12 month year-on-year average percentage change for the urban index was 15.63 per cent in April, indicating an increase over the 15.15 per cent reported in March while
The rural inflation rate in April was 14.48 per cent compared to 13.99 per cent recorded in the preceding month.
