Nigeria’s Inflation Rate Hits 18.17%, Highest In 4 Years

Nigeria’s inflation rate has hit 18.17%, the highest in 4 years.

NewsOne Nigeria reports that the consumer price index, which measures the rate of increase in the price of goods and services, increased to 18.17 percent in March from 17.33 in February, the NBS has said.

This online news platform understands that according to the March 2021 consumer price index/inflation report released by the National Bureau of Statistics on Thursday, April 15, the March figure is the highest since January 2017 when it climbed 18.72 percent.

According to the report released by the NBS, the food inflation also increased by 1.16 percent on a year-on-year basis from 21.79 percent in February to 22.95 in March.

NBS also noted in its report that 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 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 report said.

“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),” the report on Nigeria’s inflation rate added.