Headline inflation eases in April
The consumer price index (CPI) which measures inflation rate in Nigeria settled at 18.12 per cent year-on-year in April 2021. This is 0.05 per cent points lower than the rate recorded in March 2021 (18.17) per cent.
Increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the Headline index, latest CPI report released today by the National Bureau of Statistics (NBS) has shown.
The bureau also said food inflation stood at 22.72per cent in April 2021 from 22.95 per cent recorded in the previous month, while Core Inflation increased to 12.74 per cent in April 2021 from 12.67 per cent recorded in March 2021.
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.
The percentage change in the average composite CPI for the twelve months period ending April 2021 over the average of the CPI for the previous twelve months period was 15.04 percent, showing 0.48 percent point from 14.55 percent recorded in March 2021.
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.
The corresponding twelve-month year-on-year average percentage change for the urban index is 15.63 percent in April 2021. 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.
Food Index
The composite food index stood at 22.72 percent in April 2021 compared to 22.95 percent in March 21. This rise in the food index was caused by increases in prices of Coffee, tea and cocoa, Bread and cereals, Soft drinks, Milk, cheese and egg, Vegetable, Meat, Oils and fats, Fish and Potatoes, yam and other tubers.
On month-on-month basis, the food sub-index increased by 0.99 percent in April 2021, down by 0.91 percent points from 1.90 percent recorded in March 2021.
The average annual rate of change of the Food sub-index for the twelve-month period ending April 2021 over the previous twelve-month average was 18.58 percent, 0.65 percent points from the average annual rate of change recorded in March 2021 (17.93) percent.
