Nigeria’s Inflation Rate Hits 18.17%, The Highest In 4 Years

The National Bureau of Statistics reports that inflation in the country rose by 18.17 percent in the month of March 2021, a 0.82% higher than the 17.33% recorded in February 2021.

According to the NBS, increases were recorded in all divisions that yielded the Headline index. The headline inflation index increased by 1.56 percent in March 2021, a 0.02% higher than the 1.54% recorded in February 2021.

The percentage change in the average composite CPI for the twelve months period ending March 2021, over the average of the CPI for the previous twelve months period was 14.55 percent, representing a 0.50 percent point increase over 14.05 percent recorded in February 2021.

Composite food index rose by 22.95% in March 2021 as against 21.79% recorded in February 2021. “This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits. On a month-on-month basis, the food sub-index increased by 1.90 percent in March 2021, up by 0.01 percent points from 1.89 percent recorded in February 2021,” reports the NBS.

In the same vein, Core inflation, was 12.67% in March 2021 as compared to the 12.38% recorded in February 2021. On a month-on-month basis, the core index increased by 1.06% in March, down by 0.15% compared with the 1.21% of February 2021.