*As food inflation soars
By Elizabeth Adegbesan
Headline inflation rose to 18 percent in March representing 0.82 percent point year-on-year (YoY) rise when compared to 17 percent recorded in February.
Similarly, food inflation rose YoY by 5.0 percent points to 23 percent in March from 22 percent in February.
The National Bureau of Statistics, NBS, disclosed this today in its consumer price index, (CPI), Report for March 2021.
The bureau stated: “The consumer price index, (CPI) which measures inflation increased by 18.17 percent (year-on-year) in March 2021. This is 0.82 percent points higher than the rate recorded in February 2021 (17.33 percent). Increases were recorded in all COICOP divisions that yielded the Headline index.
“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).
“The urban inflation rate increased by 18.76 percent (year-on-year) in March 2021 from 17.92 percent recorded in February 2021, while the rural inflation rate increased by 17.60 percent in March 2021 from 16.77 percent in February 2021.
“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).”
On food inflation, it stated:” Composite food index rose by 22.95 percent in March 2021 compared to 21.79 percent in February 2021.
“This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.
“On month-on-month basis, the food sub-index increased by 1.90 percent in March 2021, up by 0.01 percent points from 1.89 percent recorded in February 2021.
“In March 2021, food inflation on a year on year basis was highest in Kogi (30 percent), Sokoto (27 percent), and Ebonyi (27percent), while Abuja (20 percent), Kebbi (20 percent), and Bauchi (19 percent ) recorded the slowest rise in YoY inflation.
“On month on month basis, however, March 2021 food inflation was highest in Rivers (3.5 percent), Niger (2.9 percent) and Gombe (2.9 percent), while Zamfara (0.5 percent) recording the slowest rise in month on month food inflation with Yobe and Kebbi recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate)”.
Source: Vanguard News