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.
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