Recent inflation numbers published by the National Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation has climbed year on year for the nineteenth consecutive month to 18.17 per cent in March 2021, from 17.33 per cent since Nigeria last recorded a fall in inflation numbers at 11.02 per cent in August 2019, and reaching more than a 4-year high since January 2017 when the consumer price index, (CPI) which measures inflation increased to 18.72 per cent.
This indicates a 0.82 per cent points higher than the 17.33 per cent recorded in February 2021.
Increases were recorded in all COICOP divisions that yielded the Headline index, the report said.
Food inflation also increased by 1.16 percent on a year-on-year basis from 21.79 percent in February to 22.95 in March.
On month-on-month basis, the Headline index increased by 1.56 percent in March 2021. This is 0.02 percentage points higher than the rate recorded in February 2021 (1.54 percent).
