Surprise as Nigeria’s inflation falls for first time in 21 months

The inflation rate in Nigeria unexpectedly declined in April for the first time in 21 months, official data released on Monday showed.

The National Bureau of Statistics said the inflation rate fell to 18.12 percent in April from 18.17 percent in March.

The country’s inflation rate had been rising since September 2019, a month after the Federal Government began the closure of the country’s land borders with neighbouring countries.

The food inflation rate also dropped to 22.72 percent in April from 22.95 percent in March.

“The rise in the food index was caused by increased 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,” the statistics office said.

The core inflation, which excludes the prices of volatile agricultural produce, stood at 12.74 percent in April, up from 12.67 per cent in March.