Nigeria’s inflation hits 18.2% in March 2021 …As food prices skyrocket
Nigeria’s inflation rate recorded a four year high in March 2021, rising by over 1.56 per cent from the 17.3per cent recorded in February 2021 to 18.2per cent at the end March 2021, according to statistics released Thursday by the National Bureau of Statistics.
The figures reflect a stronger rise in food prices, as the consumer prices rose 1.56 per cent month-on-month in March, up from the 1.54per cent increase recorded in February.
The details show that 18.2per cent rise in March as against the 17.3per cent in February marks the strongest annual rise in prices since January 2017. Meanwhile, the trend pointed up as annual average inflation came in at 14.5per cent in March from 14.1per cent in February.
However, core consumer prices, which exclude volatile agricultural produce, rose 1.1per cent month-on-month in March (February: 1.2per cent), while core inflation rose to 12.7per cent in March from 12.4per cent in the previous month.
Experts project that the inflation rates may remain at uncomfortable levels over the short term as the exchange rate depreciates and oil and food prices increase. It is also expected that the Central Bank of Nigeria CBN may impose additional foreign exchange restrictions and import bans, which could worsen the domestic product shortages.