The National Bureau of Statistics, NBS on Thursday announced that inflation in the country rose above a four-year high in March as food prices jumped more than 20 percent.
According to the NBS, inflation, in double digits since 2016, reached 18.17% percent, driven by several factors including the dip in the prices of oil, Nigeria’s main export, and weakened naira.
The latest inflation reading was the highest since the 17.78 percent in February 2017.
Food prices, which make up the bulk of the inflation basket, rose 22.95 percent in March, a jump from 21.79 percent in February.
Staples including bread, cereals, potatoes, fruits, and oil drove the increase in the food price index, the NBS said in its report.
Core inflation, which excludes the prices of volatile agricultural produce rose to 12.67% from 12.38% recorded in February 2021.