Against various predictions and expectations, the national bureau of statistics today reported that, the Nigeria headline inflation rate dropped in April 2021. This is despite the glaring price rise in various food items during the month.
According to the National Bureau of Statistics, the Nigeria’s annual inflation rate eased to 18.12% in April of 2021, the first decline since August 2019, down slightly from a four-year high of 18.17% in March.
The compositions of the index are as follows; Food inflation dropped to 22.72% from a nearly 16-year peak of 22.95% in the prior month. Meanwhile, prices continued to rise sharply for transport (14.9% vs 14.7%); health (15.9% vs 15.8%); furnishings (12.6% vs 12.2%); clothing & footwear (13.2% vs 12.9%); miscellaneous goods & services (11.5% vs 11.4%) and housing & utilities (10.1%, the same as in March). On a monthly basis, consumer prices were up 0.97%, slowing from a 1.56% rise in the previous month