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Inflation in Nigeria Increases by 18.17% in March

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By Aduragbemi Omiyale

The National Bureau of Statistics (NBS) on Thursday said inflation in Nigeria increased by 18.17 per cent year-on-year in the month of March 2021.

In a report released by the agency, it was stated that the rise in inflation, which is computed using the Consumer Price Index (CPI), was 0.82 per cent higher than the 17.33 per cent achieved in February 2021.

According to the NBS, in the month under review, the urban inflation rate increased by 18.76 per cent on a year-on-year basis from 17.92 per cent recorded in February 2021, while the rural inflation rate increased by 17.60 per cent from 16.77 per cent a month earlier.

It was disclosed that the composite food index rose by 22.95 per cent year-on-year in March 2021 compared with 21.79 per cent in February 2021.

Explaining the reason for this, the stats office said it was because of 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 food sub-index increased by 1.90 per cent in March 2021, 0.01 per cent higher than the 1.89 per cent recorded in February 2021.

In March 2021, the NBS said food inflation on a year on year basis was highest in Kogi at 29.71 per cent, Sokoto at 27.02 per cent and Ebonyi at 26.59 per cent, while Abuja at 20.10 per cent, Kebbi at 19.98 per cent and Bauchi at 18.61 per cent recorded the slowest rise in year on year inflation.

However, on a month-on-month basis, food inflation was highest in Rivers at 3.52 per cent, Niger at 2.92 per cent and Gombe at 2.85 per cent, while Zamfara at 0.51 per cent recorded 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).

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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