Increasing Food Prices Push Nigeria’s Inflation To 18.17%

The National Bureau of Statistics report shows that food prices pushed Nigeria’s inflation to Eighteen point-one-seven percent in March 2021.
Nigeria’s inflation had risen Fifteen point-seven-five percent in December, Sixteen point-four-seven percent in January and Seventeen point three-three percent in February.
The report released on Thursday showed that food inflation rose by Twenty-two Point Nine-five percent in March compared to the Twenty-one point two-nine percent recorded in February and the Twenty point five-seven percent witnessed in January.
High food prices had driven Nigeria’s inflation to Seventeen point three-three percent in February 2021 amidst monetary intervention.
Inflation has now risen in the last 19 consecutive month due to the outbreak of the COVID-19 pandemic.
According to the Central Bank of Nigeria, the country has also been plagued with lingering insurgency, kidnapping and banditry which have complicated prices of foods.
Thursday’s inflation figures were the highest since the Seventeen point seven-eight percent recorded in February 2017.
Core inflation was majorly driven by prices of passenger transport by air, medical services, miscellaneous services, passenger transport by road and hospital services.