March 2021 Inflation Rate Reportedly Rises To 18.17% As Food Inflation Jumps To 22.95%

 

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 percentage change in the average composite CPI for the twelve months period ending March 2021, over the average of the CPI for the previous twelve months period was 14.55 percent, representing a 0.50 percent point increase over 14.05 percent recorded in February 2021.

The city inflation price extended with the aid of 18.76 percentage (yr-on-12 months) in March 2021 from 17.Ninety two percentage recorded in February 2021, while the rural inflation price improved by means of 17.60 percent in March 2021 from 16.77 percentage in February 2021.
On a month-on-month basis, the city index rose through 1.60 percent in March 2021, up by using 0.02 as compared to the rate recorded in February 2021, while the rural index also rose via 1.52 percent in March 2021, up by zero.02 as compared to the rate that changed into recorded in February 2021 (1.50 percentage).

The corresponding twelve-month yr-on-year common percentage trade for the city index is 15.15 percent in March 2021. This is better than 14.66 percentage said in February 2021, whilst the corresponding rural inflation rate in March 2021 is thirteen.Ninety nine percent as compared to thirteen.48 percentage recorded in February 2021.

Food Index

The composite food index rose by using 22.95 percentage in March 2021 as compared to 21.Seventy nine percent in February 2021.

This rise inside the food index became because of will increase in costs of Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On month-on-month basis, the meals sub-index extended by 1.90 percentage in March 2021, up via 0.01 percentage points from 1.89 percent recorded in February 2021.  

The common annual charge of change of the Food sub-index for the twelve-month duration ending March 2021 over the previous twelve-month common became 17.93  percent, 0.68  percent factors from the common annual price of alternate recorded in February 2021 (17.25) percentage.

All Items Less Farm Produce

The "All items much less farm produce" or Core inflation, which excludes the fees of risky agricultural produce stood at 12.67 percentage in March 2021, up by using 0.29 percent whilst compared with 12.38 percentage recorded in February 2021.

On month-on-month basis, the middle sub-index accelerated by means of 1.06 percent in March 2021. This turned into down by using 0.15 percentage whilst as compared with 1.21 percentage recorded in February 2021.

The highest will increase were recorded in costs of Passenger shipping via air, Medical offerings, Miscellaneous services referring to the dwelling, Passenger transport by street, Hospital offerings, Passenger transport via street, Pharmaceutical merchandise, Paramedical offerings, Vehicle spare elements, Dental offerings, Motor motors, Maintenance and restore of personal delivery device, and Hairdressing salons and private grooming status quo, 

The common 12-month annual rate of exchange of the index become 10.01 percent for the twelve-month duration ending March 2021; this is 0.Seventy six percentage factors lower than 10.77 percentage recorded in February 2021.

State Profiles

In analysing fee moves beneath this segment, note that the CPI is weighted through consumption expenditure patterns which fluctuate throughout states. Accordingly, the burden assigned to a selected meals or non-food item may additionally differ from country to nation making interstate comparisons of intake basket inadvisable and doubtlessly misleading.  

All Items Inflation

In March 2021, all gadgets inflation on year on 12 months foundation was highest in Kogi (24.51%), Bauchi (22.24%) and Sokoto (20.70%), while Imo (sixteen.08%), Kwara (15.34%) and Cross River (14.Forty five%) recorded the slowest upward push in headline Year on Year inflation.

On month on month foundation however, March 2021 all gadgets inflation turned into highest in Rivers (2.Sixty two%), Gombe (2.14%) and Niger (2.12%), even as Zamfara (zero.60%), Yobe (0.26%) and Kebbi (0.45%) recorded the slowest upward thrust in headline month on month.

Food Inflation

In March 2021, food inflation on a 12 months on yr basis was maximum in Kogi (29.Seventy one%), Sokoto (27.02%) and Ebonyi (26.Fifty nine%), while Abuja (20.10%), Kebbi (19.98%) and Bauchi (18.61%) recorded the slowest upward thrust .In 12 months on yr inflation.

On month on month foundation however, March 2021 meals inflation was maximum in Rivers (3.Fifty two%), Niger (2.92%) and Gombe (2.Eighty five%), at the same time as Zamfara (zero.Fifty one%) recording the slowest upward thrust in month on month food inflation with Yobe and Kebbi recording charge deflation or terrible inflation (wellknown lower inside the widespread price level of food or a bad meals inflation charge).