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Inflation Rate Hits 18.17%, Highest In 4 Years

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Inflation rate rose by 18.17 percent in March 2021, being 0.82 percent points higher than the 17.33 percent in February 2021 according to the National Bureau of Statistics (NBS) yesterday’s report.

Analysis showed that on a 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) (NBS) stated

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 report showed that 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 a 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 report showed.

Meanwhile, core inflation, excluding 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 a 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.

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