Akinola Ajibola
Updated April 15, 2021
Nigeria’s inflation rate has continued to rise as the Consumer Price Index (CPI) which measures inflation increased to 18.17 per cent (year-on-year) in March.
This is 0.82 per cent points higher than the rate recorded in February (17.33 percent), which makes it the highest reported in four years since April 2017.
The National Bureau of Statistics disclosed the new figure in its CPI March 2021 report released on Thursday.
Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index, the report said.
On a month-on-month basis, the Headline index increased to 1.56 per cent in March, indicating 0.02 per cent points higher than the rate recorded in the previous month which was 1.54 per cent.
Inflation now 18 17% ― NBS | Tribune Online tribuneonlineng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneonlineng.com Daily Mail and Mail on Sunday newspapers.
Nigeria-Inflation-Economy April 15, 2021 to 14:35 85 APA – Lagos (Nigeria) The National Bureau of Statistics (NBS) says that Nigeria’s inflation rate has continued its rise with the inflation rate for the month of March this year put at 18.17 percent.
The NBS said in its monthly report
of the Consumer Price Index (CPI) which measures inflation on Thursday in Abuja that the inflation rate for March was 0.82 percent higher than 17.33 percent recorded in February, making it the highest figure reported in the country in four years since April 2017.
It added that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.
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Financial experts on Tuesday said the February inflation figure of 17.33 per cent was inevitable due to drop in agriculture production and price hikes in electricity and petroleum.
They spoke with the News Agency of Nigeria (NAN) in Lagos, in reaction to the February inflation figure released by the National Bureau of Statistics (NBS).
Professor of Economics, Sheriffdeen Tella, of Olabisi Onabanjo University, Ago-Iwoye, Ogun State, said that the inflationary trend was expected because production in agricultural sector was falling.
Tella told NAN that production in agricultural sector was dropping due to herdsmen and bandits nefarious activities as well as bad weather.
Measuring inflation ecb.europa.eu - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ecb.europa.eu Daily Mail and Mail on Sunday newspapers.