Kogi, Bauchi, Sokoto Top As Inflation Drops To 18.12%
Kogi at 24.33 percent, Bauchi with 22.93 percent and Sokoto recording 20.96 percent, topped the states with the highest rise in inflation rate as the National Bureau of Statistics (NBS) releases the latest consumer price index (CPI).
The consumer price index (CPI) which measures inflation rate in Nigeria has dropped to 18.12 percent in April 2021 from 18.17 percent in March 2021, representing a decline of 0.05 percent year on year.
This figure is contained in the latest data released on Monday by the National Bureau of Statistics (NBS)
“The consumer price index CPI which measures inflation by 18.12 percent year on year in April 2021
This is 0.05 percent lower than the rate recorded in March 2021 at 18.17 percent.”
According to NBS, increase were recorded in all COICOP division that yielded the headline index.
” On month on month basis, the headline index increases by 0.97 percent in April 2021. This is 0.59 percent ratio lower than the rate recorded in March 2021 of 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 Bureau added that, 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 recorded in March 2021.
On a month on month basis., the urban inflation rose by 0.99 percent in April 2021 down by 0.57 percent the rate that was recorded in March 2021) 1.52 percent.
The corresponding twelve months year on year average percentage change for the urban index is 15.63 percent in April 2021. This is higher than 15.15 percent recorded 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.
The report also stated that food inflation stood at 22.72 percent in April 2021 from 22.95 percent recorded in the previous month, while Core Inflation increased to 12.74 percent in April 2021 from 12.67 percent recorded in March 2021.
The composite food index rose by 22.72 percent in April 2021 from 22.95 percent recorded in March 2021. The rise in the food index was caused by an increase in prices of coffee, tea and cotton, bread and cereals, soft drink, milk, cheese, eggs, vegetables, meat, oils and fats, fish and potatoes, yam and other tubers.
On a 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 food sub index for the twelve months period ending in April 2021 over the previous twelve months average was 18.58 percent, 0.65 percent point from the average annual rate of change recorded in March 2021 17.93 percent
The All item less farm products or core inflation, which calculates prices of volatile agricultural products stood at 12.74 percent in April 2021, up by 0.07 percent when compared with 12.67 percent recorded in March 2021.
On a month on month basis, the core sub index increased by 0.99 percent in April 2021. This was down by 0.07 percent when compared by 1.06 percent recorded in March 2021
“The highest increase were recorded in pharmaceutical products, vehicle spare parts, hairdressing salons and personal grooming establishment, garments, furniture and furnishing, medical services, shoes and other foot wears, motor cars, major household appliances, whether electric or not, dental services, hospital services, non durable household goods and fuel and lubricants for personal transport equipment.
The NBS added that the average twenty months rate change of the index was 11.25 percent for the twelve months period ending April 2021 ; this is 0.24 percent points Niger than 11.01 percent points recorded in March 2021.
“In April 2021, all items inflation on year on year basis, was higher in Kogi 24.33 percent,, Bauchi 22.93 percent and Sokoto 20.96 percent, while Abia 15.94 percent, Kwara 15.70 percent and Katsina 15.58 percent recorded the slowest rise in headline inflation year on year.
“On a month on month basis, however, April 2021 all items inflation was highest in Kebbi 2 24 percent, Cross River 1.99 percent, and Jigawa 1.78 percent, while Ebonyi 0.12 percent, recirded the slowest rise in headline month on month, while Rivers and Ogun recording price deflation or negative inflation (general decrease in general price level of food and negative food inflation rate.
“On food inflation, in April 2021, food inflation year on year was highest in Kogi 30.52 percent, Ebonyi 28.07 percent and Sokoto 26.90 percent, while Abuja 18.63 percent, Akwa Ibom 18.51 percent, Bauchi 17.64 percent recorded the slowest rise in year on year inflation.
“On a month on month basis, however, April 2021 food inflation was highest in Kebbi 2.46 percent, Ekiti 2.42 percent and Kano 2 .17 percent, while Abuja 0.05 percent recorded the slowest rise in month on month food inflation with Rivers and Ogun recording price deflation or negative inflation general decrease in the general price level of food or negative food inflation rate.”
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