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Economy | Nigeria Economy

Headline Inflation Increases by 18.17% YoY In March 2021, 0.82% Higher Than February 2021 Rate - NBS

Apr 15, 2021   •   by   •   Source: Proshare   •   eye-icon 3315 views

Wednesday, April 14, 2021 08:30 AM / byNBS/ Header Image Credit:  NBS

 

All Item Index

The consumer price index, (CPI) which measuresinflation increased by 18.17 percent (year-on-year) in March 2021. This is 0.82percent points higher than the rate recorded in February 2021 (17.33 percent).

 

Increases were recorded in all COICOP divisionsthat yielded the Headline index.


On month-on-month basis, the Headline indexincreased by 1.56 percent in March 2021. This is 0.02 percentage points higherthan the rate recorded in February 2021 (1.54 percent).

 

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

 

The urban inflation rate increased by 18.76percent (year-on-year) in March 2021 from 17.92 percent recorded in February2021, while the rural inflation rate increased by 17.60 percent in March 2021from 16.77 percent in February 2021.

 

On a month-on-month basis, the urban index rose by1.60 percent in March 2021, up by 0.02 compared to the rate recorded inFebruary 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 (1.50percent).

 

The corresponding twelve-month year-on-yearaverage percentage change for the urban index is 15.15 percent in March 2021.This is higher than 14.66 percent reported in February 2021, while thecorresponding rural inflation rate in March 2021 is 13.99 percent compared to13.48 percent recorded in February 2021.


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Food Index

The composite food index rose by 22.95 percent inMarch 2021 compared to 21.79 percent in February 2021.

 

This rise in the food index was caused byincreases 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-indexincreased by 1.90 percent in March 2021, up by 0.01 percent points from 1.89percent recorded in February 2021.  

 

The average annual rate of change of the Foodsub-index for the twelve-month period ending March 2021 over the previoustwelve-month average was 17.93  percent,0.68  percent points from the averageannual rate of change recorded in February 2021 (17.25) percent.

 

 

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All Items Less Farm Produce

The "All items less farm produce" or Coreinflation, which excludes the prices of volatile agricultural produce stood at12.67 percent in March 2021, up by 0.29 percent when compared with 12.38percent recorded in February 2021.

 

On month-on-month basis, the core sub-indexincreased by 1.06 percent in March 2021. This was down by 0.15 percent whencompared with 1.21 percent recorded in February 2021.

 

The highest increases were recorded in prices ofPassenger transport by air, Medical services, Miscellaneous services relatingto the dwelling, Passenger transport by road, Hospital services, Passengertransport by road, Pharmaceutical products, Paramedical services, Vehicle spareparts, Dental services, Motor cars, Maintenance and repair of personal transportequipment, and Hairdressing salons and personal grooming establishment, 

 

The average 12-month annual rate of change of theindex was 10.01 percent for the twelve-month period ending March 2021; this is0.76 percent points lower than 10.77 percent recorded in February 2021.

 

State Profiles

In analysing price movements under this section,note that the CPI is weighted by consumption expenditure patterns which differacross states. Accordingly, the weight assigned to a particular food ornon-food item may differ from state to state making interstate comparisons ofconsumption basket inadvisable and potentially misleading.  

 

All Items Inflation

In March 2021, all items inflation on year on yearbasis was highest in Kogi (24.51%), Bauchi (22.24%) and Sokoto (20.70%), whileImo (16.08%), Kwara (15.34%) and Cross River (14.45%) recorded the slowest risein headline Year on Year inflation.

 

On month on month basis however, March 2021 allitems inflation was highest in Rivers (2.62%), Gombe (2.14%) and Niger (2.12%),while Zamfara (0.60%), Yobe (0.26%) and Kebbi (0.45%) recorded the slowest risein headline month on month.

 

Food Inflation

In March 2021, food inflation on a year on yearbasis was highest in Kogi (29.71%), Sokoto (27.02%) and Ebonyi (26.59%), whileAbuja (20.10%), Kebbi (19.98%) and Bauchi (18.61%) recorded the slowest rise.in year on year inflation.

 

On month on month basis however, March 2021 foodinflation was highest in Rivers (3.52%), Niger (2.92%) and Gombe (2.85%), whileZamfara (0.51%) recording the slowest rise in month on month food inflationwith Yobe and Kebbi recording price deflation or negative inflation (generaldecrease in the general price level of food or a negative food inflation rate).

 

ClickHere to Download March 2021 CPI PDF Report

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10.  Nigeria'sUnemployment Rate Increases to 33.3% in Q4 2020 from 27.1% in Q2 2020 - NBS

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19.  TotalValue of Capital Importation into Nigeria Stood at US$1,069.68m in Q4 2020 -NBS

20. N295.72bn Generated asCompany Income Tax in Q4 2020 - NBS

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