Just In: Nigeria’s Inflation Rate Maintains Upward Trend, Surges To 18.17% In March
The consumer price index, which measures inflation surged by 18.17 percent (year-on-year) in March 2021.
This is 0.82 percent points higher than the rate noted in February 2021 (17.33 percent).
This was revealed by the National Bureau of Statistics in its report on ‘Consumer Price Index’ for March 2021 on Thursday that so far, March inflation rate remained the highest in four years.
Increases were recorded in all COICOP divisions that yielded the headline index.
On a month-on-month basis, the headline index increased by 1.56 percent in March 2021.
This is 0.02 percentage points higher than the rate recorded in February 2021 (1.54 percent).
The urban inflation rate surged by 18.76 percent (year-on-year) in March 2021 from 17.92 percent recorded in February 2021, while the rural inflation rate surged by 17.60 percent in March 2021 from 16.77 percent in February 2021.
On a month-on-month basis, the urban index came up by 1.60 percent in March 2021, up by 0.02 compared to the rate recorded in February 2021, while the rural index also rose by 1.52 percent in March 2021, up by 0.02 compared to the rate that was recorded in February 2021 (1.50 percent).
The corresponding 12-month year-on-year average percentage change for the urban index is 15.15 percent in March 2021.
This is higher than 14.66 percent that was noted in February 2021, while the corresponding rural inflation rate in March 2021 is 13.99 percent compared to 13.48 percent recorded in February 2021.
