Nigeria’s inflation rate hit 18.17% in March 2021

The National Bureau of Statistics (NBS) have revealed in its report on ‘Consumer Price Index’, for March 2021 revealed that inflation rate in March is the highest in four years.

The Consumer Price Index measures inflation rate, inflation increased by 18.17% (year-to-year) in March 2021.

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

The headline index increased by 1.56 on month-on-month basis per cent in March 2021.

This is 0.02 percentage points higher than the rate recorded in February 2021 (1.54 per cent).

The percentage change in the average composite CPI for the 12 months period ending March 2021, over the average of the CPI for the previous 12 months period was 14.55 per cent, representing a 0.50 per cent point increase over 14.05 per cent 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.

On a month-on-month basis, the urban index rose by 1.60 per cent in March 2021, up by 0.02 compared to the rate recorded in February 2021, while the rural index also rose by 1.52 per cent in March 2021, up by 0.02 compared to the rate that was recorded in February 2021 (1.50 per cent).

The corresponding 12-month year-on-year average percentage change for the urban index is 15.15 per cent in March 2021.

This is higher than 14.66 per cent reported in February 2021, while the corresponding rural inflation rate in March 2021 is 13.99 per cent compared to 13.48 per cent recorded in February 2021.