More Trouble For Nigeria As Inflation Rate Hits 18.17%

More Trouble For Nigeria As Inflation Rate Hits 18.17%
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Nigeria’s economic woes are far from over as the National Bureau of Statistics (NBS), yesterday announced that the inflation rate has risen to 18.17 percent in March 2021.

The new rate is 0.82 percent higher than the 17.33 per rate it was as at February 2021.

Its data titled: ‘Consumer Price Index March 2021(Base Period December 2009=100)’.

According to the document said: ‘The consumer price index, (CPI) which measures inflation increased by18.17percent (year-on-year) in March 2021.

Read Also: FG, States’ Debt Profile Rise To ₦32.92trn — NBS

‘This is 0.82 percent points higher than the rate recorded in February 2021(17.33 percent).

‘Increases were recorded in all Consumer Individual Corruption by Purpose (COICOP) divisions that yielded the Headline index.
On a month-on-month basis, the Headline index increased by 1.56 percent in March 2021.

The report added this is 0.02 percentage points higher than the rate recorded in February 2021 (1.54 percent).

NBS noted that on a month-on-month basis, the urban index rose by 1.60 percent in March 2021, up by 0.02 compared to the rate recorded in February 2021 while the rural index also rose by 1.52 percent in March 2021, up by 0.02 compared to the rate that was recorded in February 2021 (1.50 percent).

The report said the corresponding twelve-month year-on-year average percentage change for the urban index is 15.15 percent in March 2021.

According to the NBS, this is higher than 14.66 percent reported in February 2021, while the corresponding rural inflation rate in March 2021 is 13.99 percent compared to 13.48 percent recorded in February 2021.

The report said increases were recorded in all COICOP divisions that yielded the Headline index.

 

AFRICA DAILY NEWS, NEW YORK

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