Nigeria’s Food Inflation Drops Marginally in April 2021

Food inflation in Nigeria, Africa’s largest economy, slowdown marginally from 22.95 percent in March to 22.72 percent in the month of April, the National Bureau of Statistics (NBS) reported on Monday.

Increases were caused by surged “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.

On a monthly basis, the food sub-index grew by 0.99 percent in April 2021, down by 0.91 percent when compared to the 1.90 percent filed in March 2021.

The average annual rate of change of the Food sub-index for the twelve-month period ending April 2021 over the previous twelve-month average was 18.58 percent, representing an increase of 0.65 percent from the average annual rate of 17.93 percent recorded in March 2021.

Nigeria’s Inflation rate moderated to 18.12 percent year-on-year in April.