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Nigeria’s inflation hits 18.17%, highest in four years

By on April 15, 2021 0 154 Views

Nigeria’s consumer price index in March rose 18.17 percent year-on-year, up 0.82 percent from the previous month, The National Bureau of Statistics (NBS) report showed on Thursday.

The country’s inflation rate stood at 17.33 percent in February, driven by rising food inflation, according to the bureau.

Nigeria’s inflation rate has risen consecutively for 19 months and the March figure was the highest in four years.

Increases were recorded in all COICOP divisions that yielded the headline index.

The headline index rose 1.56 percent in March on a month-on-month basis, 0.02 percentage points higher than the 1.54 percent recorded in February 2021.

“The consumer price index, (CPI) which measures inflation increased by 18.17 percent (year-on-year) in March 2021.

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“This is 0.82 percent points higher than the rate recorded in February 2021 (17.33 percent). Increases were recorded in all COICOP divisions that yielded the Headline index.

“On month-on-month basis, the Headline index increased by 1.56 percent in March 2021. This is 0.02 percentage points higher than the rate recorded in February 2021 (1.54 percent). “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.

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

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