Nigeria’s Consumer Price Index (CPI), which measures inflation has increased by 18.17% in March 2021, according to the lastest report by National Bureau of Statistics (NBS).
According to the NBS, the all item inflation index (year on year basis) shot higher by 0.82% from the rate recorded in March 2020, while, on month-on-month basis, the index rate increased by 1.56% from the 17.33% recorded in February 2021.
Further breakdown revealed that the urban inflation rate increased to 18.76% under the period in review, from the 17.92% recorded in February 2021.
Also, the rural inflation rate hit 17.60% in March 2021, from 16.77% in February 2021.
According to the NBS, the CPI which measures the inflation rate, calculates the average change over time in prices of goods and services consumed by people for day-to-day living.
Under the food index category, the inflation rate rose to 22.95% in March compared to the 21.79% in February.
According to the NBS, the rise in the food index is attributed to the increase in prices of Bread; Cereals; Potatoes; Yam and other tubers; Meat; Vegetables; Oil and fruits.
Further analysis of the state profiles under the year on year category, revealed that in March, Kogi State recorded the highest all item inflation rate with 24.51%. Bauchi State recorded the second highest with 22.24% while Sokoto State came third with 20.70%.
Also, Cross River State recorded the lowest all item inflation rate with 14.45% while Kwara State recorded second lowest rate with 15.34%.
In addition, under the year on year category of food inflation index, Kogi State also recorded the highest index with 29.71%, under the period in review, while Sokoto State recorded second highest rate with 27.02%. Ebonyi State came third with 26.59%.
Bauchi State recorded the lowest inflation with 18.61%, while Kebbi State recorded the second lowest index with 19.98%.
However, on the month on month basis category of all item index, Rivers State recorded the highest rise of inflation with 2.62% in March, while Gombe State came second with 2.14% rise and Niger State came third with 2.12% rise.
Yobe State recorded the slowest rise under the all item month on month basis with 0.26%, while Kebbi State came second with 0.45%.
Also, under the month on month basis of the food inflation index, River State recorded the highest rise with 3.52% in March, while Niger State came second with 2.92% and Gombe State came third with 2.85%.
However, Zamfara state recorded the slowest rise under the month on month category of food inflation with 0.51%.
