Inflation Rate Hit 18.17% in March, Highest Rate in Four Years

- The Nigerian Bureau of Statistics has announced that the country's inflation rate hit its highest in four years

- The inflation rate rose to 18.17% last month, rising from 17.33% recorded in the preceding period this year

- Food inflation also increased in March when compared to what was recorded in February

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Price of commodity continues to rise in Nigeria at a time disposable income and workers compensation are declining. In a new report by the Nigerian Bureau of Statistics (NBS), the country's inflation rose to 18.17%.

This new height was reported for the period of March 2021. The inflation rate of last month surpassed the 17.33% recorded in the previous month. This is the highest in four years as the government remains unable to curb it.

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On a month-on-month basis, a further breakdown of the inflation rate showed an increase of 1.56% from 1.54% in February 2021.

The NBS report also showed that Food inflation rose significantly to 22.95% last month from 21.79% which was recorded in February 2021. During the same period, core inflation increased to 12.67% in March, against the 12.38% in the preceding month.

Also, inflation rate in the urban communities hit 18.76% in March, against the 17.96% reported in February. For Rural inflation, the bureau office said it hiked to 17.60% from 16.77% of the preceding month.

Meanwhile, Legit.ng had earlier reported that Shoprite has sold its Nigerian subsidiary to a new investor, Persianas. The sale is reportedly worth N30 billion, but both companies haven't publicly stated the amount.

Persianas is expected to use debt to fund the acquisition. The investor is also the owner of Palms Shopping Malls which also house one of Shoprite's supermarkets.

With this deal, the South African retailer is gearing closer to its exit from Nigeria where it has operated for about 15 years, owning over 20 supermarket stores across the country.

Source: Legit.ng