Friday, December 3, 2021

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Nigeria’s inflation hits 18.17%

Nigeria’s inflation rate has risen to 18.17% from the earlier 17.33% recorded in February 2021 as prices continue to spiral upwards across the country.

This is contained in the Consumer Price Index report recently released by the National Bureau of Statistics (NBS).

According to data made available by NBS, food inflation shot up to 22.95% from 21.79% recorded in the previous month, while core inflation, which excludes the prices of volatile agricultural produce, rose to 12.67% from 12.38% recorded in February 2021.

The headline inflation also rose to 18.17% (year-on-year) in March, the highest since January 2017.

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

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