The National Bureau of Statistics (NBS) report shows that, inflation rate rose by 18.17 per cent in March 2021, being 0.82 per cent points higher than the 17.33 per cent in February 2021.
Analysis showed that on a 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 urban inflation rate increased by 18.76 per cent (year-on-year) in March 2021 from 17.92 per cent recorded in February 2021, while the rural inflation rate increased by 17.60 per cent in March 2021 from 16.77 per cent in February 2021.
On a month-on-month basis, the urban index rose by 1.60 per cent in March 2021, up by 0.02 compared to the rate recorded in February 2021, while the rural index also rose by 1.52 per cent in March 2021, up by 0.02 compared to the rate that was recorded in February 2021 (1.50 per cent).
The report showed that the composite food index rose by 22.95 per cent in March 2021 compared to 21.79 per cent 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 per cent in March 2021, up by 0.01 per cent points from 1.89 per cent recorded in February 2021,” the report showed.
Meanwhile, core inflation, which excludes the prices of volatile agricultural produce stood at 12.67 per cent in March 2021, up by 0.29 per cent when compared with 12.38 per cent recorded in February 2021.
On a month-on-month basis, the core sub-index increased by 1.06 per cent in March 2021. This was down by 0.15 per cent when compared with 1.21 per cent 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 report stated.
