Headline inflation peaks at 18.17%

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The National Bureau of Statistics (NBS) says in its consumer price index, (CPI) report for March 2021 that Nigeria’s inflation rate for the month rose to 18.17% from 17.33% recorded in February 2021.

Food inflation rose to 22.95% from 21.79% recorded in the previous month, while core inflation, which excludes the prices of volatile agricultural produce increased to 12.67% from 12.38% recorded in February 2021.

“The consumer price index, (CPI) which measures inflation increased by 18.17 percent (year-on-year) in March 2021. This is 0.82 per cent points higher than the rate recorded in February 2021 (17.33 per cent).Increases were recorded in all 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).

“The urban inflation rate increased by 18.76 per cent (year-on-year) in March 2021 from 17.92 per cent recorded in February 2021, while the rural inflation rate increased by 17.60 per cent in March 2021 from 16.77 per cent in February 2021.

“On a month-on-month basis, the urban index rose by 1.60 per cent in March 2021, up by 0.02 compared to the rate recorded in February 2021, while the rural index also rose by 1.52 per cent in March 2021, up by 0.02 compared to the rate that was recorded in February 2021 (1.50 per cent).”

On food inflation, the NBS said: “Composite food index rose by 22.95 percent in March 2021 compared to 21.79 per cent 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 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 per cent recorded in February 2021.

“In March 2021, food inflation on a year on year basis was highest in Kogi (30 percent), Sokoto (27 per cent) and Ebonyi (27percent), while Abuja (20 percent), Kebbi (20 percent) and Bauchi (19 per cent ) recorded the slowest rise in YoY inflation.

“On month on month basis however, March 2021 food inflation was highest in Rivers (3.5 per cent), Niger (2.9 per cent) and Gombe (2.9 percent), while Zamfara (0.5 percent) 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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