Nigeria’s Inflation Rises To 18.17% Amid Increasing Food Prices

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

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

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

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

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 banditry which have complicated prices of foods, according to the Central Bank of Nigeria.

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

The National Bureau of Statistics said, “The composite food index rose by 22.95 percent in March 2021 compared to 21.79% 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 establishment.