Nigeria’s Inflation Rises To 18.17% As Food Prices Soar

Food prices have again pushed Nigeria’s inflation to 18.17 per cent in March 2021.

High food prices had driven Nigeria’s inflation to 17.33 per cent in February 2021 amidst monetary intervention.

Nigeria’s inflation had risen 17.33 per cernt, 16.47 per cent, 15.75 per cent in February, January and December respectively.

The National Bureau of Statistics said in its report released Thursday that food inflation rose by 22.95 per cent in March compared to the 21.29 per cent recorded in February and the 20.57 per cent witnessed in January.

Inflation has now risen in the last 19th consecutive month due to the outbreak of the Covid-19 pandemic.

Nigeria has also been plagued with lingering insurgency, kidnapping and banditary which have complicated prices of foods, according to the Central Bank of Nigeria.

Thursday inflation figures were the highest since the 17.78 per cent recorded in February 2017.

NBS said, “The 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.

“Core inflation, which excludes the prices of volatile agricultural produce stood at 12.67 percent in March 2021, up by 0.29 percent when compared with 12.38 percent recorded in February 2021.”

Core inflation was majorly driven by prices of passenger transport by air, medical services, miscellaneous services relating to the dwelling, passenger transport by road, hospital services and passenger transport by road.

Others were prices of pharmaceutical products, paramedical services, vehicle spare parts, dental services, motor cars, maintenance and repair of personal transport equipment, and hairdressing salons and personal grooming establishments.