The National Bureau of Statistics on Thursday released the Consumer Price Index (CPI) report for March stating that the country’s inflation rate increased by 18.17%.
The NBS said the consumer price index, (CPI) which measures inflation increased by 0.82 percent points last month which is higher than the 17. 33 percent rate recorded in February. The March figure is the highest since January 2017 when it rose to 18.72 percent.
It further stated that the food inflation also increased by 1.16 percent on a yearly basis from 21.79% in February to 22.95% in March.
“The urban inflation rate increased by 18.76% (year-on-year) in March 2021 from 17.92 percent recorded in February 2021 while the rural inflation rate increased by 17.60% in March 2021 from 16.77% 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, 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 CPI report said.