Nigeria’s inflation rate rose from 17.33 per cent in February to 18.17 per cent in the month of March, according to the latest data released by the National Bureau of Statistics (NBS).
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In the latest report, the headline index increased by 1.56 per cent in March 2021, which is 0.02 per cent points higher than the 1.54 per cent rate recorded in February 2021.
Food inflation, a closely watched index, rose to 22.95 per cent from 21.79 pre cent recorded last month.
On a month-on-month basis, the food sub-index increased by 1.9 per cent in March 2021, up by 0.01 per cent points from 1.89 per cent recorded in February 2021.
The rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam, and other tubers, meat, vegetables, 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.
“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 added.