Air Tickets, Food, Medicare Push Inflation To 4-Year High

Nigeria’s inflation rate climbed to a four-year peak of 18.17% in March 2020 upon spikes in air ticket fares and medical care, the Nigerian Bureau of Statistics reported on Thursday.

The four year height was upon a 0.82 climb to the 17.33% record for February, 2021.

 GreenWhiteGreen GWG reports that upon the inflation spike the Central Bank of Nigeria, CBN Monetary Policy Committee, MPC at its second meeting for the year last March decided to hold its key rates in the face of the COVID-19 inspired slump in the economy.

The NBS in its latest report affirmed a month-on-month increase of 1.56% in headline inflation upon the February figure.

Headline inflation relates to the total inflation within an economy, including commodities such as food and energy prices (e.g., oil and gas), which tend to be much more volatile and prone to inflationary spikes.

 GreenWhiteGreen GWG reports that between February and March that the NBS reported serious surge in transport and medical services.

As the report observed:

The highest increases were recorded in prices of Passenger transport by air, Medical services.”

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