Login

Lost your password?

Sign Up

Register

Login

Login

Lost your password?

Register

Thursday, May 19, 2022
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion

Africa's
Investment
Gateway

The Exchange
  • Login
  • Register
Subscribe
This Month's Edition
Previous Editions
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
LOGIN

Nigeria’s inflation rate drops

In the preceding month of March, the country's inflation was 18.7 per cent

by Mustapha Juma
May 18, 2021
in Countries, Nigeria
0
Share on FacebookShare on LinkedIn

Nigeria’s inflation rate has dropped. According to the consumer price index report released by the National Bureau of Statistics (NBS) on Monday May 17, 2021, the inflation rate recorded a slight drop in the month ending April 2021, shedding 0.05 per cent to close at 18.12 per cent in the month under review.

In the preceding month of March, the country’s inflation was 18.7 per cent.

According to the NBS inflation report, the Consumer Price Index, which measures inflation increased by 18.12 per cent (year-on-year) in April 2021.

“This is 0.05 per cent points lower than the rate recorded in March 2021 (18.17 per cent),” the bureau said.

The 0.05 per cent drop in April 2021 was the first time the country’s inflation rate would fall in about 20 months, as the last time it fell was in 2019 when the CPI shed 0.06 per cent, falling from 11.08 per cent in July to 11.02 in August.

The NBS in its report stated that increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index.

On month-on-month basis, the headline index increased by 0.97 per cent in April 2021, this was 0.59 per cent rate lower than the rate recorded in March 2021 (1.56 per cent).

Also Read: Impact of Covid-19 on Africa underestimated- new report

The percentage change in the average composite CPI for the 12 months period ending April 2021 over the average of the CPI for the previous 12 months period was 15.04 per cent, showing 0.48 per cent point from 14.55 per cent recorded in March 2021.

Urban inflation rate

The urban inflation rate increased by 18.68 per cent year-on-year in April 2021 from 18.76 per cent recorded in March 2021, while the rural inflation rate increased by 17.57 per cent in April 2021 from 17.60 per cent in March 2021.

On a month-on-month basis, the urban index rose by 0.99 per cent in April 2021, down by 0.61 the rate recorded in March 2021 (1.60 per cent).

Nigeria's inflation rate rises to 17.33% in February 2021, highest in four  years | african markets

The rural index also rose by 0.95 per cent in April 2021, down by 0.57 the rate that was recorded in March 2021(1.52 per cent).

The corresponding 12 month year-on-year average percentage change for the urban index was 15.63 per cent in April 2021.

This was higher than 15.15 per cent reported in March 2021, while the corresponding rural inflation rate in April 2021 was 14.48 per cent compared to 13.99 per cent recorded in March 2021.

Annual inflation

Nigeria’s annual inflation climbed to a more than four-year high in March, rising 82 basis points from a month earlier to 18.17%.

Galloping food prices have heaped pressure on households in Africa’s largest economy, which is also facing a shrinking labour market and stagnant growth at a time of mounting insecurity.

Food prices rose 1.16 percentage points from the previous month to 22.95% in March, the National Bureau of Statistics (NBS) said. Inflation hit 18.72% in January 2017.

Cut on import duty

Nigeria’s government in March said it will cut import duty on tractors and mass transit vehicles to try to reduce transportation costs and tackle high food prices that are contributing to the double-digit inflation.

President Muhammadu Buhari has made investment in rail and road a focus of his administration’s drive to kick-start growth, but falls in public revenue – linked to lower oil prices due to the global coronavirus pandemic – have checked his ambitions.

Nigeria, Africa’s most populous country, went into recession – its second since 2016 – in the third quarter of 2020, as the coronavirus pandemic caused oil prices to crash, slashing state revenue, creating large financing needs and weakened the naira.

Also Read: Ghana, Ivory Coast urge Cocoa Industry to pay more in premiums

The economy emerged from recession in the fourth quarter but analysts say the weak naira currency continues to fuel inflation.

 

Tags: National Bureau of Statistics (NBS)Nigeria's inflation rate

STATE OF ECONOMY - GET THE REPORT

ASSESSING EAST AFRICA

Loading...

Mustapha Juma

Talented and immensely creative journalist with a commitment to high-quality research and writing with over 5 years of professional experience. Dedication to sound investigative research methods and a strong desire to know the truth of the matter. Excellent reporting and interviewing skills and award-winning writing techniques. Experience writing and reporting across a variety of platforms, including Opera News Kenya, DailyActive.info, LitKenya.com and Scooper News

Related Posts

www.theexchange.afrcia
Countries

Eyes on trade: Kenya seeking to deepen bilateral relationship with United Arab Emirates

May 11, 2022
Growth in employment earmarks Kenya's post-pandemic economic recovery. www.theexchange.africa
Countries

Growth in employment earmarks Kenya’s post-pandemic economic recovery

May 11, 2022
Zimbabwe: Mnangagwa's freeze on bank lending to save currency value. www.theexchange.africa
Countries

Zimbabwe: Mnangagwa’s freeze on bank lending to save currency value

May 10, 2022
Next Post

Harnessing Africa’s Sovereign Wealth

MTN Rwandacell lists shares on Rwanda Stock Exchange

MTN Rwandacell lists shares on Rwanda Stock Exchange

Boom Times For Organic Cocoa Farmers In Ivory Coast

Please login to join discussion




This months edition

May Edition

Features

EdTech role in African development
Tech & Business

EdTech’s role in African development

by Kanyali Muthui
May 16, 2022
0

Due to the pandemic, the topic of innovation in education has never been more crucial.  While most developed countries moved...

Read more
investment in African science and technology
Tech & Business

Investing in Africa’s science and technology: Where are we now?

by Kanyali Muthui
May 16, 2022
0

The continent’s digital revolution can largely be driven by building the necessary skills for the short- and long-term future, and...

Read more
Fintech revolution in Africa
Tech & Business

The Fintech Revolution in Africa’s FX Markets

by Kanyali Muthui
May 11, 2022
0

With over 548 million registered mobile money users in sub-Saharan Africa, increased internet access and readily available mobile money solutions,...

Read more
www.theexchange.africa
Countries

US – Nigeria Trade Relations: An Overview

by Wanjiku Njugunah
May 2, 2022
0

Nigeria is currently the United States' 54th largest goods trading partner, with US$7.8 billion in total goods trade as of...

Read more
A previous conference for African Insurtech sector. The Insurtech boom is deepening insurance uptake in Africa. www.theexchange.africa
Tech & Business

Insurtech boom deepening the uptake of insurance in Africa

by june njoroge
May 2, 2022
0

Kenya-based Pula is another distinguished insurtech making waves in the continent. It provides small scale farmers with agricultural insurance and...

Read more

News

Banking
Industry & Trade
Investing
Money Deals
Regional Markets
Tech & Biz
Opinion

Countries

Kenya
Tanzania
Uganda
Burundi
Rwanda
Southern Africa
Ethiopia

More

My Account
Contact us
Advertise
About us
Help Center

Subscribers Center

E-paper
Premium Stories
Education Rates
Corporate Subscriptions
Weekely Newsletter

  • My account
  • About us
  • Advertise
  • Contact
  • Privacy Policy
  • Refund Policy – The Exchange
  • Sitemap

No Result
View All Result
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
  • Login
  • Sign Up
  • Cart

© 2021 The Exchange - Powered by MediapixManaged by Supported by Digihandler,

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In