Nigeria’s inflation rate dropped for the first time in two years to stand at 18.12 percent in April, beating analysts’ expectations.
The National Bureau of Statistics (NBS) disclosed this in its Consumer Price Index report released on Monday.
The April inflation rate indicated a drop of 0.05 percent compared to 18.17 percent recorded in March and it was the slowest rate since September 2019.
The urban inflation rate increased by 18.68 percent (year-on-year) in April from 18.76 percent recorded in March while the rural inflation rate increased by 17.57 percent in April from 17.60 percent the previous month.
Food inflation stood at 22.72 percent in April from 22.95 percent recorded in March while core inflation increased to 12.74 percent in April from 12.67 percent recorded a month earlier.
NBS also gave the breakdown of states with the highest inflation rates year-on-year with Kogi (24.33 percent), Bauchi (22.93 percent), and Sokoto (20.96 percent) listed in the corresponding order.
The lowest inflation rates year-on-year were recorded in Abia (15.94 percent), Kwara (15.70 percent), and Katsina (15.58 percent).
For food inflation, Kogi (30.52 percent), Ebonyi (28.07 percent) and Sokoto (26.90 percent) recorded the highest growth in inflation compared to the same period last year.
While Abuja (18.63 percent), Akwa Ibom (18.51 percent), and Bauchi (17.64 percent) had the slowest inflation rate year on year.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
FEATURES: Rise in Monkeypox infection troubling Nigeria’s rural population
In this features, KELECHUKWU IRUOMA goes into the rural communities of Bayelsa State, south-south Nigeria to uncover the plight of...
SPECIAL REPORT: Kwara communities groan as erosion washes away roads, property
For a number of years communities in Ilorin South LGA of Kwara State have had to live with the menace...
SPECIAL REPORT: Lack of legal provisions, cultural sentiments fueling marital r*pe in Nigeria
By Arinze Chijioke In the early days of Sandra Izuckukwu’s marriage in 2019, her husband, Sunday Izuchukwu, did everything she...
INVESTIGATION… LIVES ON THE LINE (IV): Surviving in a dangerous media environment
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020. For six...
INVESTIGATION… LIVES ON THE LINE (III): Precious Owolabi was killed covering a protest
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019-2020. For six months, Nigerian...