Nigeria’s economy is spinning on an inflation flywheel as headline consumer price index (CPI) for February 2021 moved a dial from 17.33 per cent to 18.17 per cent in March 2021.
This is 0.82 percent points higher than the rate recorded in February 2021.
The National Bureau of Statistics disclosed in its report on ‘Consumer Price Index’ for March 2021 on Thursday that March inflation rate remained the highest in four years.
Increases were recorded in all COICOP divisions that yielded the headline index.
On month-on-month basis, the headline index increased by 1.56 per cent in March 2021.
This is 0.02 percentage points higher than the rate recorded in February 2021 (1.54 per cent).
The percentage change in the average composite CPI for the 12 months period ending March 2021, over the average of the CPI for the previous 12 months period was 14.55 per cent, representing a 0.50 per cent point increase over 14.05 per cent recorded in February 2021.
