Inflation in Nigeria Drops to 18.12%

• Nigeria’s inflation has dropped for the first time in 20 months, according to a report by the National Bureau of Statistics

• Inflation in Nigeria had a 0.05% point decline from 18.17% which was recorded in March 2020

• There was also a drop in food inflation from 22.95% recorded in March to 22.72%

Nigeria’s inflation rate has dropped from 18.17% in April to 18.12 recorded in March 2021.

This is the first time that inflation in Nigeria has declined in the last 20 months, according to a report released by the National Bureau of Statistics (NBS).

Urban inflation and rural inflation also experienced decreases from 18.76% and 17.6% recorded in March to 16.68% and 17.57% respectively.

The country’s food inflation also experienced a decline from 22.95% recorded in March 2020 to 22.72 in April.

The core inflation however experienced an increase in the same time, moving from 12.67% recorded in March 2021 to 12.74% in April 2021.

The Core inflation index includes all other items asides from food items.

The highest increase was recorded in the price of pharmaceutical products, vehicle spare parts and garments.

Read also: List of States With Curfew in Nigeria

What this inflation means

The result of the decrease in major areas means that Nigerians have slightly more purchasing power in those areas.

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