NIGERIA’S INFLATION RATE HITS 18.17%, HIGHEST IN FOUR YEARS

Nigeria’s inflation rate increased to 18.17 percent in March from 17.33 in February, the highest since January 2017 when it rose to 18.72 percent, the National Bureau of Statistics (NBS) said on Thursday.

Food inflation rate also increased by 1.16 percent from 21.79 percent in February to 22.95 in March.

According to a statement released by the NBS, the rise in food index was caused by a spike in commodities such as Bread, cereals, Potatoes, yam tubers, Meat, Vegetable, Fish, Oils, and fruits.

The NBS said; “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.

“In March 2021, food inflation on a year on year basis was highest in Kogi (29.71%), Sokoto (27.02%) and Ebonyi (26.59%), while Abuja (20.10%), Kebbi (19.98%) and Bauchi (18.61%) recorded the slowest rise in year on year inflation.

“On month on month basis however, March 2021 food inflation was highest in Rivers (3.52%), Niger (2.92%) and Gombe (2.85%), while Zamfara (0.51%) 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).”

Credit: EONS Intelligence