Inflation Rate Hits 18.17% – Highest in Over Four Years

Nigeria’s inflation rate rose to 18.17% in March 2021, from 17.33% recorded in the previous month.

This represents the highest inflation rate recorded in four years(49 months).

This is according to the latest inflation report published by the National Bureau of Statistics (NBS).

The last time Nigeria recorded an inflation rate this high was in Janaury 2017.

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.

On a month-on-month basis, the inflation increased to 1.56 percent from 1.54% in February 2021.

Food inflation also increased to 22.95 percent in March 2021 from 21.79 percent in Feb 2021, while core Inflation stands at 12.67 percent in Mar 2021 from 12.38 percent in Feb 2021

Urban area inflation rose to 18.76 percent from 17.96 percent and Rural inflation 17.60% from 16.77% percent.

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).”

April 15, 2021