Headline Inflation Rose To 18% In March, NBS Confirms

Headline inflation rose to 18 percent in March representing 0.82 percent points year-on-year (YoY) rise when compared to 17 per cent recorded in February.
Similarly, food inflation rose YoY by 5.0 per cent points to 23 per cent in March from 22 per cent in February.
The National Bureau of Statistics (NBS), disclosed this, yesterday, in its Consumer Price Index (CPI), Report for March, 2021.
The bureau stated, “The consumer price index (CPI) which measures inflation increased by 18.17 per cent (year-on-year) in March, 2021.
“This is 0.82 per cent points higher than the rate recorded in February, 2021 (17.33 percent).Increases were recorded in all COICOP divisions that yielded the Headline index.
“On month-on-month basis, the Headline index increased by 1.56 per cent in March, 2021. This is 0.02 percentage points higher than the rate recorded in February, 2021 (1.54 per cent).
“The urban inflation rate increased by 18.76 per cent (year-on-year) in March, 2021 from 17.92 per cent recorded in February, 2021, while the rural inflation rate increased by 17.60 per cent in March, 2021 from 16.77 per cent in February, 2021.
“On a month-on-month basis, the urban index rose by 1.60 per cent 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 per cent).”
On food inflation, it stated, “Composite food index rose by 22.95 per cent in March, 2021 compared to 21.79 per cent in February, 2021.
“This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.
“On month-on-month basis, the food sub-index increased by 1.90 per cent in March, 2021, up by 0.01 per cent points from 1.89 per cent recorded in February, 2021.
“In March, 2021, food inflation on a year on year basis was highest in Kogi (30 per cent), Sokoto (27 per cent) and Ebonyi (27per cent), while Abuja (20 per cent), Kebbi (20 per cent) and Bauchi (19 per cent) recorded the slowest rise in YoY inflation.
“On month-on-month basis, however, March, 2021, food inflation was highest in Rivers (3.5 per cent), Niger (2.9 per cent) and Gombe (2.9 per cent), while Zamfara (0.5 per cent) 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 percentage change in the average composite CPI for the 12 months period ending March 2021, over the average of the CPI for the previous 12 months period was 14.55 per cent, representing a 0.50 per cent point increase over 14.05 per cent recorded in February, 2021.
The urban inflation rate increased by 18.76 per cent (year-on-year) in March, 2021 from 17.92 per cent recorded in February, 2021, while the rural inflation rate increased by 17.60 per cent in March, 2021 from 16.77 per cent in February, 2021.
On a month-on-month basis, the urban index rose by 1.60 per cent in March, 2021, up by 0.02 compared to the rate recorded in February, 2021, while the rural index also rose by 1.52 per cent in March, 2021, up by 0.02 compared to the rate that was recorded in February, 2021 (1.50 per cent).
The corresponding 12-month year-on-year average percentage change for the urban index is 15.15 per cent in March, 2021.
This is higher than 14.66 per cent reported in February, 2021, while the corresponding rural inflation rate in March, 2021 is 13.99 per cent compared to 13.48 per cent recorded in February 2021.