By Chioma Obinagwam
Nigeria’s headline inflation for the month of April 2021 moderated Year on Year (y/y) by 5 basis points (bps) to 18.12 percent from the 18.17 percent it recorded in March.
Confiance News gathered from the National Bureau of Statistics (NBS) on Monday.
Confiance News also recalls that this is the latest decline since August 2019, when it dipped marginally by 6bps.
Food Inflation, which hitherto, triggered the increase in headline inflation in March, followed the same pattern, after shaving 23bps from the 22.95 percent it recorded for the month of March to settle at 22.72 percent y/y in April 2021.
Core inflation, on the other hand, increased by 7bps to 12.74 percent y/y.
The slight increase in Core inflation was precipitated by increase in the prices of Pharmaceutical products, Vehicle spare parts, Hairdressing salons and personal grooming establishment, Garments, Furniture and furnishing, Medical services, Shoes and other foot wears, Motor cars, Major household appliances whether electric or not, Dental services, Hospital services, Non-durable household goods, and Fuel and lubricants for personal transport equipment.
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