From Isaac Anumihe, Abuja
Nigeria’s galloping inflation hit a new high of 18.17 per cent in March from 17.33 per cent reported in February.
The National Bureau of Statistics (NBS), in a statement, yesterday, said that the increase was 0.82 per cent points higher than the rate recorded in February 2021 (17.33 per cent), adding however, that food index rose by 22.95 per cent in March 2021 compared to 21.79 per cent in February 2021.
According to the document, 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. “Increases were recorded in all Classifications of Individual Consumption According to Purpose (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).