Inflation rate has dropped to 18.12 per cent in April from 18.17 per cent recorded in March, the latest report released on Monday by the National Bureau of Statistics (NBS).
The decline in inflation rate which is slightly at 0.5 per cent, is the first in the last 20 months since the country recorded a steady rise.
The Consumer Price Index (CPI) revealed that urban inflation rate increased by 18.68 per cent (year-on-year) in April 2021, down by 0.61 per cent of the rate recorded in March 2021 (1.60 per cent).
The rural index also rose by 0.95 per cent in April, down by 0.57 per cent from the 1.52 per cent recorded in March 2021.
Food inflation rate declined to 22.75 per cent in April from 22.95 per cent in March.
‘The rise in the food index was caused by an increase in prices of coffee, tea, coca, bread and cereals, soft drinks, milk, cheese and eggs, among others,’ it noted.
On a month-on-month basis, the food sub index increased by 0.99 per cent in April 2021, down by 0.91 per cent points from 1.90 per cent recorded in March 2021.
Analysis of the report showed that food inflation in April was highest in Kogi at (30.52 per cent), Ebonyi (28.07 per cent) and Sokoto (26.09 per cent). The following States recorded the least food inflation: Abuja (18.63 per cent), Akwa-Ibom (18.51 per cent), and Bauchi (17.64 per cent).
The highest increases were recorded in prices of pharmaceutical products, vehicle spare parts, hairdressing salons, and personal grooming establishments, major household goods, fuel and lubricants among others.