Inflation rate hits 18.17 per cent in March

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Statistician-General of the National Bureau of Statistics (NBS), Dr Yemi Kale Inflation Nigeria manufacturing
Statistician-General of the National Bureau of Statistics (NBS), Dr Yemi Kale

Inflation rate, according to the National Bureau of Statistics (NBS), rose to 18.17 per cent in March 2021.

The rate was 0.82 per cent higher than the 17.33 per rate of February 2021.

Its data titled: “Consumer Price Index March 2021 (Base Period December 2009=100)”.

The document said: “The consumer price index, (CPI) which measures inflation increased by18.17percent (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 Consumer Individual Corruption by Purpose (COICOP) divisions that yielded the Headline index. On month-on-month basis, the Headline index increased by 1.56 percent in March 2021”.

The report added this is 0.02 percentage points higher than the rate recorded in February 2021 (1.54 percent).

NBS noted that 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).

The report said the corresponding twelve-month year-on-year average percentage change for the urban index is 15.15 percent in March 2021.

According to the NBS, this is higher than 14.66 percent reported in February 2021, while the corresponding rural inflation rate in March 2021 is 13.99 percent compared to 13.48 percent recorded in February 2021.

The report said increases were recorded in all COICOP divisions that yielded the Headline index.

The report reads in part: “The percentage change in the average composite CPI for the twelve months period ending March 2021, over the average of the CPI for the previous twelve months period was 14.55 percent, representing a 0.50 percent point increase over 14.05 percent recorded in February 2021.

“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.

“The composite food index rose by 22.95 percent in March 2021 compared to 21.79 percent in February 2021.

“On month-on-month basis, the food sub-index increased by 1.90 percent in March 2021,up by 0.01
percent points from1.89 percent recorded 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.

“The average annual rate of change of the Food sub-index for the twelve-month period ending March 2021over the previous twelve-month average was 17.93 percent, 0.68 percent points from the average annual rate of change recorded in February 2021(17.25) percent”.