Data released by the National Bureau of Statistics earlier today, claim that the consumer price index (CPI) which measures inflation increased by 18.12% (year-on-year) in April 2021.
This shows a 0.05 percent points reduction in the rate of inflation recorded in March. A quick check by Investogist in the country in the form of questioning the residents/citizens of Nigeria indicate that prices of almost everything in the country is still rising day by day.
The NBS report stated that increases were recorded in all COICOP (Classification of Individual Consumption by Purpose) divisions that yielded the Headline index.
On month-on-month basis, the Headline index increased by 0.97 percent in April 2021, 0.59 percent lower than the rate recorded in March 2021 (1.56) percent.
The urban inflation rate increased by 18.68 percent (year-on-year) in April 2021 from 18.76 percent recorded in March 2021, while the rural inflation rate increase by 17.57 percent in April 2021 from 17.60 percent in March 2021.
On a month-on-month basis, the urban index rose by 0.99 percent in April, down 0.61 the rate recorded in March (1.52) percent.
The corresponding twelve-month year-on-year average percentage change for the urban index is 15.63 percent in April 2021. This is higher than 15.15 percent reported in March 2021, while the corresponding rural inflation rate in April 2021 is 14.48 percent compared to 13.99 percent recorded in March 2021.
The composite food index rose by 22.72 percent in April 2021, compared to 22.95 percent in March 2021. According to the report, the rise in the food index was caused by increases in prices of Coffee, tea and cocoa, Bread and cereals, soft drinks, Milk, cheese and egg, Vegetable, Meat, Oils and fats, Fish and Potatoes, yam and other tubers.
In April 2021, food inflation on a year on year basis was highest in Kogi (30.52%), Ebonyi (28.07%) and Sokoto (26.90%), while Abuja (18.63%), Akwa Ibom (18.51%) and Bauchi (17.64%) recorded the slowest rise in year on year inflation.
On month on month basis however, April 2021 food inflation was highest in Kebbi (2.46%), Ekiti (2.42%) and Kano (2.17%), while Abuja (0.05%) recorded the slowest rise in month on month food inflation with Rivers and Ogun recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).
Nnamdi Maduakor is a Writer, Investor and Entrepreneur