Inflation hits 18.17% in March
Nigeria’s galloping inflation hit a new high of 18.17 per cent in March from 17.33 per cent in the previous month(February)
According to the recently released data by The National Bureau of Statistics (NBS), the increase was 0.82 per cent points higher than the rate recorded in February 2021 (17.33 per cent), adding however, that food index rose by 22.95 per cent in March 2021 compared to 21.79 per cent in February 2021.
According to the document, the corresponding 12-month year-on-year average percentage change for the urban index is 15.15 per cent in March 2021.
“This is higher than 14.66 per cent reported in February 2021, while the corresponding rural inflation rate in March 2021 is 13.99 per cent compared to 13.48 per cent recorded in February 2021. “Increases were recorded in all Classifications of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.
On month-on-month basis, the headline index increased by 1.56 per cent in March 2021. This is 0.02 percentage points higher than the rate recorded in February 2021 (1.54 per cent).
NBS attributed the rise in the food index to increases in prices of bread and cereals, potatoes, yam and other tubers, meat, vegetable, fish, oils, fats and fruits.
Similarly, core inflation was further fulled by the highest increases recorded in prices of passenger transport by air, medical services, miscellaneous services relating to the dwelling, passenger transport by road, hospital services, passenger transport by road and pharmaceutical products.
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