Nigeria’s inflation rate increased by 18.17 per cent (year-on-year) in March 2021, the highest in four years.
This is 0.82 percent points higher than the 17.33 per cent rate recorded in February 2021.
The new figure was contained in the Consumer Price Index report released by the National Bureau of Statistics (NBS) on Thursday.
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).
Food inflation also spiked to 22.95% from 21.79% recorded in the previous month. The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce rose to 12.67% in March 2021, up by 0.29% when compared with 12.38% recorded in February 2021.
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.