Nigeria Inflation March 2021


Nigeria: Inflation hits over four-year high in March

April 15, 2021

Consumer prices rose 1.56% month-on-month in March, up from February’s 1.54% increase. The print reflected a stronger rise in food prices.

Inflation rose from 17.3% in February to 18.2% in March, marking the strongest annual rise in prices since January 2017. Meanwhile, the trend pointed up as annual average inflation came in at 14.5% in March from 14.1% in February. Moreover, core consumer prices, which exclude volatile agricultural produce, rose 1.1% month-on-month in March (February: 1.2%), while core inflation rose to 12.7% in March from 12.4% in the prior month.

Jacques Nel, head of Africa macro at Oxford Economics, added:

“Inflation is expected to remain at uncomfortable levels over the short term as the exchange rate depreciates and oil and food prices increase. The CBN may also impose additional FX restrictions and import bans, which could exacerbate domestic product shortages.”

FocusEconomics Consensus Forecast panelists expect inflation to average 13.9% in 2021, which is up 0.2 percentage points from last month’s forecast. In 2022, inflation is seen averaging 11.7%.


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Nigeria Inflation Chart

Nigeria Inflation March 2021

Note: Month-on-month and year-on-year changes of consumer price index in %.
Source: National Bureau of Statistics (NBS) and FocusEconomics calculations.

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