The consumer price index, which measures the rate of increase in the price of goods and services, increased to 18.17 per cent in March from 17.33 per cent in February.
The March figure is the highest since January 2017 when it climbed to 18.72 per cent.
This is according to the March 2021 consumer price index/inflation report released by the National Bureau of Statistics (NBS) on Thursday.
The food inflation also increased by 1.16 percent on a year-on-year basis from 21.79 percent in February to 22.95 in March.
This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.
“The urban inflation rate increased by 18.76 per cent (year-on-year) in March 2021 from 17.92 per cent recorded in February 2021, while the rural inflation rate increased to 17.60 per cent in March 2021 from 16.77 per cent in February 2021,” the report said.
“In March 2021, food inflation on a year on year basis was highest in Kogi (29.71 per cent), Sokoto (27.02 per cent) and Ebonyi (26.59 per cent), while Abuja (20.10 per cent), Kebbi (19.98 per cent) and Bauchi (18.61 per cent) recorded the slowest rise in year on year inflation.
“On month on month basis however, March 2021 food inflation was highest in Rivers (3.52 per cent), Niger (2.92 per cent) and Gombe (2.85 per cent), while Zamfara (0.51 per cent) recording the slowest rise in month on month food inflation with Yobe and Kebbi recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate),” the report added.