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Inflation Rate Hits 18.71%- Highest Recorded In four years

Nigeria’s inflation has continued to rise as the Consumer Price Index which measures the rate of increase in the price of goods and services, increased to 18.17% in March from 17.33 in February.

This is 0.82 per cent point higher than that of the rate recorded in February which makes it the highest reported in four years since April 2017.

The National Bureau of Statistics revleaed this in its CPI March 2021 report released on Thursday.

The food inflation also increased by 1.16 percent on a year-on-year basis from 21.79 percent in February to 22.95 in March
This latest rise is attributed to increase in prices of Bread and Cereals, Potatoes, Yam and other tubers,Meat, Vegetable, Fish, Oils and fats and fruits.

“The urban inflation rate increased by 18.76 percent (year-on-year) in March 2021 from 17.92 percent recorded in February 2021, while the rural inflation rate increased by 17.60 percent in March 2021 from 16.77 percent in February 2021,” the report said.
“In March 2021, food inflation on a year on year basis was highest in Kogi (29.71%), Sokoto (27.02%) and Ebonyi (26.59%), while Abuja (20.10%), Kebbi (19.98%) and Bauchi (18.61%) recorded the slowest rise in year on year inflation.

“On month on month basis however, March 2021 food inflation was highest in Rivers (3.52%), Niger (2.92%) and Gombe (2.85%), while Zamfara (0.51%) recording the slowest rise in month on month food inflation with Yobe and Kebbi recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).”

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