Nigeria’s Inflation drops to 18.27% in April – NBS

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The National Bureau of Statistics, NBS says Nigeria’s inflation rate dropped to 18.12% in April from 18.27% in March.

In its monthly report released on Monday, the bureau said the slide  represents 0.05 per cent in April compared to what obtained in the preceding month.

According to the bureau, tHe drop in headline inflation  was the first fall in Nigeria’s inflation rate in the last 21 months.

Recall that the last time inflation dropped in Nigeria was in August 2019 when it fell from 11.08 per cent to 11.02 per cent.

“On month-on-month basis, the headline index increased by 0.97 per cent in April. This is 0.59 percentage points higher than the rate recorded in March (1.56 per cent),” said the report.

The bureau further revealed that the percentage change in the average composite of CPI for the 12 months period ending in April over the average of CPI for the previous 12 months period was 15.04 per cent.

A development, it said represented a 0.48 per cent increase…



Source: Vanguard Newspaper