The consumer price index, which measures the rate of increase in the price of goods and services, increased to 18.17 per cent in March from 17.33 per cent in February.
According to the consumer price index/inflation report released by the National Bureau of Statistics (NBS) on Thursday, the March 2021 figure is the highest since January 2017 when it climbed 18.72 per cent.
The food inflation also increased by 1.16 per cent on a year-on-year basis from 21.79 per cent in February to 22.95 per cent in March.
The 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.
“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.
“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),” the report said.