After 19 Consecutive Months Of Increase, Inflation Rate Drops To 18.12%

Nigeria’s inflation rate has unexpectedly dropped to 18.12 per cent after nineteen consecutive months as high food prices compounded the misery of consumers in April.

This is against the 18.17 per cent recorded in March 2021.

Monday inflation numbers represents the second highest since January 2017 when inflation was at 18.72 per cent.

The National Bureau of Statistics disclosed in its report released on Monday that food inflation fell slightly to 22.72 per cent in April from the 22.95 per cent recorded in March.

The food prices rate is the second highest recorded in the country since 2009, NBS previous records reveal.

Food inflation had risen by 21.29 per cent in February and 20.57 per cent in January 2021.

In the last four months, inflation had risen 18.17 per cent, 17.33 per cent, 16.47 per cent and 15.75 per cent in March, February, January and December respectively.

NBS said the rise in food inflation was driven by increases in the prices of coffee, tea and cocoa.

Others responsible were the surge in prices of bread and cereals, soft drinks, milk, cheese and eggs, vegetables, meat, oil and fats, fish and potatoes, yam and other tubers.

Core inflation excluding volatile agricultural produce was 12.74 per cent compared to the 12.67 per cent recorded in March.

The core inflation rate was accelerated by pharmaceutical products, vehicle spare parts, hairdressing salons and personal grooming, garments, furniture and furnishing, medical services, shoes and foot wears, motors cars and major household appliances.

All Inflation was highest in Kogi State at 24.33 per cent, Bauchi at 22.93 per cent and Sokoto State at 20.96 per cent.

Katsina State  recorded the lowest at 15.58 per cent, Kwara State at 15.70 per cent, while Abia State recorded 15.94 per cent.

Food inflation was also highest in Kogi State at 30.52 per cent, Ebonyi State at 28.07 per cent and Sokoto State at 26.9 per cent.

Bauchi State recorded the lowest food price at 17.64 per cent, while Akwa Ibom State and Abuja recorded 18.5 and 18.63 per cent respectively.