The National Bureau of Statistics (NBS), says the inflation rate reduced by 0.05 per cent in April compared to what obtained in March.’ It said while the inflation rate stood at 18.17 per cent in March, it reduced to 18.12 per cent in April.
The rate is contained in the NBS’s Consumer Price Index (CPI) report for April 2021 released on Monday in Abuja.
The News Agency of Nigeria (NAN) reports that CPI measures the average change over time in prices of goods and services for day-to-day living.
The report also said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
“On a month-on-month basis, the headline index increased by 0.97 per cent in April. This is 0.59 percentage points higher than the rate recorded in March (1.56 per cent)”, the report said.
The NBS said that the percentage change in the average composite of CPI for the 12 months period ending in April over the average of CPI for the previous 12 months period was 15.04 per cent.
This, it said, represented a 0.48 per cent increase over 14.55 per cent recorded in March.
