Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021. This represents 0.82% points higher than the February figures.
This is according to the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS).
On a month-on-month basis, the Headline index increased by 1.56% in March 2021, this is 0.02% points higher than the rate recorded in February 2021 (1.54 percent).
Food inflation
Food inflation, a closely watched index spiked to 22.95% from 21.79% recorded in the previous month.
On a month-on-month basis, the food sub-index increased by 1.9% in March 2021, up by 0.01% points from 1.89% recorded in February 2021.
The rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam, and other tubers, Meat, Vegetables, Fish, Oils and fats, and fruits.
The Central Bank of Nigeria (CBN)
By
Tue Mar 02 2021
The Nigerian Gross Domestic Product (GDP) report, published by the National Bureau of Statistics (NBS) penultimate week indicates that the economy grew by 0.11 per cent in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters.
According to the report, the growth was largely driven by positive growth recorded in the information and communication sector (15.9%) and agriculture (3.42%).
The positive growth in real GDP indicates that the Nigerian economy has recovered from the pandemic-induced recession which disrupted economic activities in most part of 2020.
The country is expected to capitalise on this to boost the economy further in subsequent quarters.
The National Bureau of Statistics (NBS) says Nigeria’s GDP grew by 0.11 per cent in Quarter Four (Q4) 2020, from the 6.11 per cent contraction in Q3, signalling a gradual recovery from recession.
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