Nigeria's inflation marginally drops for the 1st time since 2019

Only core inflation increased in Nigeria last month.

Nigerian market

The consumer price index report published by the National Bureau of Statistics (NBS) on Monday, May 17 showed that headline inflation dropped to 18.12% (year-on-year) last month, 0.05 points less than the 18.17% reported in March.

When food inflation hit 22.95% in March, it was the highest recorded in well over 12 years.

However, it dropped to 22.72% last month, also less than the 21.79% recorded in February.

Month-on-month, headline inflation dropped from 1.56% in March to 0.97% in April, and food inflation also dropped from 1.9% in March to 0.99% in April.

Only core inflation, which excludes the prices of volatile agricultural produce, rose in April (year-on-year) with 12.74% recorded, 0.07 more than the 12.67% in March.

However, it also dropped month-on-month from 1.06% in March to 0.99% in April.

Until last month, inflation had consistently increased in Nigeria for 19 straight months starting with President Muhammadu Buhari's decision to shut down Nigeria's land borders in a bid to stem the activities of smugglers, a decision that heavily impacted business with regional neighbours.

The borders were reopened late last year, with the government expressing satisfaction with the results, a position critics have dismissed.

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