National Bureau of Statistics (NBS) says inflation rate increased in March by 0.82 percent to 18.17 percent from 17.33 percent in February.
The NBS said this in its Consumer Price Index (CPI) report for March 2021, released on Thursday in Abuja. CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living. The report also said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
“On month-on-month basis, the headline index increased by 1.56 percent in March. This is 0.02 percentage points higher than the rate recorded in February (1.54 percent).”
The NBS said the percentage change in the average composite CPI for the 12 months period ending in March over the average of the CPI for the previous 12 months period was 14.55 percent. This, it said, represented a 0.50 percent increase over 14.05 percent recorded in February.
According to the report, the urban inflation rate increased by 18.76 percent (year-on-year) in March from 17.92 percent recorded in February, while the rural inflation rate increased by 17.60 percent in March from 16.77 percent in February. It added that on a month-on-month basis, the urban index rose by 1.60 percent in March, up by 0.02 percent compared to the rate recorded in February.
It however, said the rural index also rose by 1.52 percent in March, up by 0.02 percent, compared to the 1.20 percent rate recorded in February.
“The corresponding twelve-month year-on-year average percentage change for the urban index is 15.15 percent in March. This is higher than 14.66 percent reported in February, while the corresponding rural inflation rate in March is 13.99 percent compared to 13.48 percent recorded in February.”
The NBS said the composite food index rose by 22.95 percent in March compared to 21.79 percent in February. It added that on month-on-month basis, the food sub-index increased by 1.90 percent in March, up by 0.01 percent from 1.89 percent recorded in February.
The rise in the food index was caused by increase in prices of bread and cereals, potatoes, yam and other tubers, meat, vegetables, fish, oils and fats and fruits.
The bureau said “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 12.67 percent in March, up by 0.29 percent when compared with 12.38 percent recorded in February. It added that on month-on-month basis, the core sub-index increased by 1.06 percent in March, down by 0.15 percent when compared with 1.21 percent recorded in February.
However, the highest increase was recorded in prices of passenger transport by air, medical services, miscellaneous services relating to the dwelling, passenger transport by road, hospital services, pharmaceutical products and paramedical services. Others were vehicle spare parts, dental services, motor cars, maintenance and repair of personal transport equipment and hairdressing salons and personal grooming establishments.
For state profile, the NBS said in March, all items inflation on year on year basis was highest in Kogi at 24.51 percent, Bauchi 22.24 percent and Sokoto 20.70 percent.
Also Imo at 16.08 percent, Kwara 15.34 percent and Cross River at 14.45 percent recorded the slowest rise in headline year on year inflation.
On month-on-month basis however, in March, all items inflation was highest in Rivers at 2.62 percent, Gombe at 2.14 percent and Niger 2.12 percent, while Zamfara at 0.60 percent, Yobe 0.26 percent and Kebbi at 0.45 percent recorded the slowest rise in headline month-on-month.
For food inflation on a year-on-year basis, in March, it was highest in Kogi at 29.71 percent, Sokoto 7.02 percent and Ebonyi 26.59 percent, while Abuja at 20.10 percent, Kebbi 19.98 percent and Bauchi at 18.61 percent recorded the slowest rise in year-on-year inflation.
On-month-on month basis however, March food inflation was highest in Rivers at 3.52 percent, Niger 2.92 percent and Gombe 2.85 percent. Also Zamfara at 0.51 percent recorded the slowest rise in month-on-month food inflation, with Yobe and Kebbi recording price deflation or negative inflation.
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