Inflation in Africa’s largest economy, Nigeria, moderated from 18.17 percent year-on-year recorded in March 2021 to 18.12 percent year-on-year in the month of April 2021, according to the latest report from the National Bureau of Statistics (NBS).
On a monthly basis, inflation rose by 0.97 percent in April, down from 1.57 percent filed in March 2021.
Rising foreign exchange rates amid over-dependence on foreign goods continue to pressure consumer prices in Africa’s most populous nation, Nigeria.
Also, herders and farmers clashes across key food-producing states have disrupted food production and escalated prices of locally produced food items. Suggesting that the highly unemployed population with low wages will continue to cut down on purchases.
A situation that if persists will plunge retail sales, economic productivity, new investments, new job creation and drag the nation back into recession.
Despite efforts to stimulate growth following COVID-19 disruption, the Central Bank of Nigeria has failed to drive economic activities with lower interest rates of 11.5 percent as many investors are either looking into fixed income market, stocks, or the now restricted cryptocurrency.
Food prices rose by 18.58 percent year-on-year in April, representing a 0.65 percent increase from the 17.93 percent reported in March.
On monthly basis, food prices increase by 0.99 percent in April, down by 0.91 percent 1.90 percent recorded in March,