Nigeria hit an inflation rate of 18.17% (year-on-year) in March 2021 according to the consumer price index, (CPI) which measures the index.
This is 0.82% points higher than the rate recorded in February 2021 (17.33%). There was an increase in all COICOP divisions yielding the Headline index.
The urban inflation rate increased by 18.76% (year-on-year) in March 2021 from 17.92% recorded in February. The rural inflation rate increased by 17.60% in February 2021 from 16.77% in February.
On a month-on-month basis, the urban index rose by 1.60% in March 2021, up by 0.02 rate in February 2021. The rural index also rose by 1.52% in March 2021, up by 0.02 compared to the rate in February 2021 (1.50%).
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On a month-on-month basis, the Headline index saw an increase of 1.56% in March 2021, this is a 0.02% point higher than the rate in February (1.54%).
The corresponding twelve-month year-on-year average percentage change for the urban index is 15.15% in March 2021. This is higher than 14.66% in February 2021, while the corresponding rural inflation rate in March 2021 is 13.99% in comparing it to 13.48% in February 2021.
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The percentage change in the average composite CPI for the twelve months period ending March 2021
over the average of the CPI for the previous twelve months period was 14.55%, showing a 0.50% point from 14.05% recorded in February 2021.
Breakdown – March 2021 Inflation in Nigeria
Food inflation is a large contributor to the headline index. For March 2021, food inflation in Nigeria rose to 22.95% from 21.79% recorded in February.
On a month-on-month basis, the food sub-index increased by 1.9% in March 2021, up by 0.01% points from 1.89% recorded in February 2021.
Increases in prices of bread and cereals, potatoes, yam, and other tubers, meat, vegetables, fish, oils and fats, and fruits influenced the rise in food index.
The average annual rate of change of the Food sub-index was 17.93%, 0.68% point from that of February (17.25%). This rate was collected from the twelve-month period ending March 2021 over the previous twelve-month average.
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All items less farm produce with the exemption of prices of volatile agricultural produce was at 12.67% in March 2021. This is up by 0.29% in comparing it to 2.38% in February 2021