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

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

 

All Item Index

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

 

Increases were recorded in all COICOP divisions that yielded the Headline index.


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

 

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

 

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

 

On a month-on-month basis, the urban index rose by 1.60 percent in March 2021, up by 0.02 compared to the rate recorded in February 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 (1.50 percent).

 

The corresponding twelve-month year-on-year average 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 the corresponding rural inflation rate in March 2021 is 13.99 percent compared to 13.48 percent recorded in February 2021.


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Food Index

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

 

On month-on-month basis, the food sub-index increased by 1.90 percent in March 2021, up by 0.01 percent points from 1.89 percent recorded in February 2021.  

 

The average annual rate of change of the Food sub-index for the twelve-month period ending March 2021 over the previous twelve-month average was 17.93  percent, 0.68  percent points from the average annual 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 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.

 

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

 

The highest increases were recorded in prices of Passenger transport by air, Medical services, Miscellaneous services relating to the dwelling, Passenger transport by road, Hospital services, Passenger transport by road, 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, 

 

The average 12-month annual rate of change of the index was 10.01 percent for the twelve-month period ending March 2021; this is 0.76 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 differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.  

 

All Items Inflation

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

 

On month on month basis however, March 2021 all items 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 rise in headline month on month.

 

Food Inflation

In March 2021, food inflation on a year on year basis was highest in Kogi (29.71%), Sokoto (27.02%) and Ebonyi (26.59%), while Abuja (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 food inflation was highest in Rivers (3.52%), Niger (2.92%) and Gombe (2.85%), while Zamfara (0.51%) recording the slowest rise in month on month food inflation with Yobe and Kebbi recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

 

Click Here to Download March 2021 CPI PDF Report

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Latest 2021 NBS Reports

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Q2 2021

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2.     All Commodity Group Import Index Grew By 0.13% in Q4 2020 - NBS

3.     38.60% of Nigeria's Total Public Debt Was External in Q4 2020 - NBS

 

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Q1 2021

4.     Average Price of 1kg of Tomato Increased by 11.33% YoY in February 2021 - NBS

5.     Average Fare Paid by Commuters for Intercity Journey Increased by 1.13% MoM in February 2021 - NBS

6.     FAAC Disburses N619.34bn in January 2021 - NBS

7.     Average Prices of PMS, AGO, HHK and Cooking Gas - February 2021

8.     Active Voice Subscribers Declined by -0.32% QoQ in Q4 2020 - NBS

9.     Headline Inflation Increases by 17.33% YoY In February 2021, 0.86% Higher Than January 2021 Rate

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

11.   Total Trade Higher By 8.9% in Q4 2020, Lower By 10.3% in FY 2020

12.  Average Price of 1kg of Tomato Decreased by -6.59% MoM in January 2021

13.  Average Prices of PMS, AGO, HHK and Cooking Gas - January 2021

14.  Nigeria Exits Recession, Real GDP Grew by 0.11% in Q4 and -1.92% in Full Year 2020

15.  Headline Inflation Increases by 16.47% YoY In January 2021, 0.71% Higher Than December 2020 Rate

16.  FAAC Disburses N2.49trn to FG and N2.30trn to States in Year 2020 - NBS

17.  FAAC Disburses N601.11bn in December 2020 - NBS

18.  FAAC Disburses N604.00bn in November 2020 - NBS

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

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

21.  N454.69bn Generated as Value Added Tax in Q4 2020 - NBS

22. Average Price of 1kg of Tomato Increases by 17.51% YoY in December 2020 - NBS

23. Average Air Fare Increases by 18.54% YoY in December 2020 - NBS

24. Average Prices of PMS, AGO, HHK and Cooking Gas - December 2020

25. Headline Inflation Increases by 15.75% YoY In December 2020, 0.86% Higher Than November 2020 Rate

26. 62.18% of Nigeria's Total Public Debt as of Q3 2020 Was Domestic - NBS

27. Active Voice Subscribers Grew by 4.59% in Q3 2020 - NBS


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