After 19 consecutive months of rising, Nigeria’s inflation rate dropped slightly by 0.05 percentage points in April 2021 to 18.12 per cent according to data released on Monday by the National Bureau of Statistics (NBS).
This is against the 18.17 per cent recorded in March 2021.
The report showed that food inflation fell slightly to 22.72 percent in April from the 22.95 percent recorded in March.
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The food prices rate is the second-highest recorded in the country since 2009, NBS previous records reveal.
Food inflation had risen by 21.29 percent in February and 20.57 percent in January 2021.
In the last four months, inflation had risen 18.17 percent, 17.33 percent, 16.47 percent and 15.75 percent in March, February, January and December respectively.
Meanwhile, the Nigerian presidency has shed some light on what it sees as the cause of the high cost of living and rising prices that Nigerians are complaining about.
In an interview with BBC Hausa, Presidential Adviser on Media, Malam Garba Shehu, said there were three main reasons for rising prices but the issue of closing the country’s borders was not one of them.
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Many Nigerians on Wednesday lashed out at President Muhammadu Buhari, criticizing him for the high cost of living.
The rise in electricity and fuel prices has provoked criticism from some in the country, with some northerners challenging the president for showing them what he has done for them during his rule.
But on Thursday, the president expressed concern over rising food prices that Nigerians are struggling with.
President Buhari even said his government was concerned about rising prices at a time when the closure of the corridor has further thrown the country’s economy into a tailspin, in a statement issued by Mr Garba.
Which reasons were given by the Buhari administration?
Malam Garba Shehu outlined to the BBC three reasons why Nigerians find themselves in a situation of the high cost of living as follows;
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