Inflation Rate (Monthly)



Period CPI Core Food
Mar 2021 18.17 12.67 22.95
Feb 2021 17.33 12.38 21.79
Jan 2021 16.47 11.85 20.57
Dec 2020 15.75 11.37 19.56
Nov 2020 14.89 11.05 18.30
Oct 2020 14.23 11.14 17.38
Sep 2020 13.71 10.58 16.66




Insight

Nigeria's Consumer Price Index (CPI) which measures inflation, increased by 18.17% (year-on-year) in March 2021. This is 0.82% points higher than the rate recorded in February 2021 (17.33%).

Nigeria's inflation rose to 18.17% in March 2021, higher than the rate (17.33%) recorded in February 2021, and 16.47% in January 2021, rising to the highest rate recorded since January 2017.

The composite food index rose by 22.95% in March 2021 compared to 21.79% in February 2021.

The 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.

The ''All items less farm produce'' or Core inflation, which excludes the prices of volatile agricultural produce increased by 0.29% to 12.67% in March 2021, from 12.38% recorded in February 2021.

The CPI takes into account the average change over time in the prices of goods and services consumed by people for day-to-day living.

Data Source: Nigeria Bureau Statistics

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