NBS says prices of foodstuffs drive Inflation rate to 18.17% in March

Read Time:1 Minute, 27 Second
NBS says prices of foodstuffs drive Inflation rate to 18.17% in March

The National Bureau of Statistics (NBS) has said inflation rate increased in March by 0.82 per cent to 18.17 per cent from 17.33 per cent in February.

The NBS said this in its Consumer Price Index (CPI) report for March 2021. CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

The report also said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

“On month-on-month basis, the headline index increased by 1.56 per cent in March. This is 0.02 percentage points higher than the rate recorded in February (1.54 percent),” the report said.

The NBS said that the percentage change in the average composite CPI for the 12 months’ period ending in March over the average of the CPI for the previous 12 months’ period was 14.55 per cent.

This, it added, represented a 0.50 per cent increase over 14.05 per cent recorded in February.

According to the report, the urban inflation rate increased by 18.76 per cent (year-on-year) in March from 17.92 per cent recorded in February, while the rural inflation rate increased by 17.60 per cent in March from 16.77 per cent in February.

It added that on a month-on-month basis, the urban index rose by 1.60 per cent in March, up by 0.02 per cent compared to the rate recorded in February.

It, however, said that the rural index also rose by 1.52 per cent in March, up by 0.02 per cent, compared to the 1.20 per cent rate recorded in February.

0 0

Leave a Reply

Your email address will not be published. Required fields are marked *