Inflation reverses 19-month trend, drops marginally to 18.12%

 

File: Inflation: Market

*As Kogi, Ebonyi, Sokoto lead food inflation

By Elizabeth Adegbesan

ECONOMY

Headline inflation fell to 18.12 percent in April representing 0.05 percent point year-on-year (YoY) decline when compared to 18.17 percent recorded in March.

This also represents the first decline in inflation since August 2019 when inflation rate stood at 11.02 percent.

Similarly, food inflation fell YoY by 0.23 percentage points to 22.72 percent in April from 22.95 percent in March.

The National Bureau of Statistics, NBS, disclosing these yesterday in its Consumer Price Index, CPI, Report for April, stated: “The CPI which measures inflation increased by 18.12 percent (year-on-year) in April 2021. This is 0.05 percent points lower than the rate recorded in March 2021 (18.17) percent. Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

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“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 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.

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“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.).”

On food inflation, NBS stated: “Composite food index rose by 22.95 percent in March 2021 compared to 21.79 percent in February 2021. “This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, vegetable, fish, oils and fats and fruits.

“The composite food index rose by 22.72 percent in April 2021 compared to 22.95 percent in March 2021. 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.

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“In April 2021, food inflation on a year on year basis was highest in Kogi (30.5 percent), Ebonyi (28.1 percent) and Sokoto (26.9 percent), while Abuja (18.6 percent), Akwa Ibom (18.5 percent) and Bauchi (17.6 percent) recorded the slowest rise in YoY inflation.”

The post Inflation reverses 19-month trend, drops marginally to 18.12% appeared first on Vanguard News.

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