Nigeria’s inflation rate grew by 18.17 percent (year-on-year) in the month of March, in the Consumer Price
Index report by the Nigerian Bureau of Statistics (NBS).
The current inflation rate is 0.82 percent higher than was recorded in the month of February, which stood at 17.33 percent.
The report noted that on a month-on-month basis the increase recorded was 1.56 percent, which is some 0.02 percent higher than was recorded in the month of February.
On the increase recorded in urban areas, the report stated that the inflation rate rose by 18.76 percent on a year-on-year basis, up from the 17.92 percent recorded in February.
In rural areas, the inflation rate stood at 17.60 percent in the month of March 2021, up from the 16.77 percent logged in February.
Urban areas reported a 1.60 percent increase on a month-on-month basis in March, a 0.02 percent increase from what was recorded in February.
While in rural areas, the inflation rate for the month of March saw an increase of 1.52 percent, up by 0.02 percent from February 2021.
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Food Index
The NBS noted that “The composite food index rose by 22.95 percent in March 2021 compared to 21.79 percent in February 2021.”
Increases in the prices of food items such as bread and cereals, potatoes, yam, and other tubers, meat, vegetable, fish, oils and fats, and fruits drove up the food index.
“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,” the report noted.
