Nigeria’s inflation rate surges to 18.17% in March – NBS

…Highest in over 4 yrs

Nigeria’s Consumer Price Index, (CPI), which measures the rate of increase in the price of goods and services, increased to 18.17 percent in March 2021.

This is according to the March 2021 consumer price index/inflation report released by the National Bureau of Statistics, (NBS), yesterday.

This is 0.82 percent points higher than the rate recorded in February 2021 (17.33 %). The March figure is the highest since January 2017 when it climbed 18.72 %.

The food inflation figure also increased by 1.16 % on a year-on-year basis, from 21.79 % in February to 22.95 in March. This rise in the food index, the NBS said, was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, vegetables, fish, oils & fats and fruits.

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