Nigeria’s March Inflation Rate Climbs To 15.92% – 5-Month High

Nigeria’s inflation rose to 15.92% in March 2022, the highest rate recorded since October 2021.

Gatekeepers News reports that National Bureau of Statistics (NBS) disclosed this in its Consumer Price Index report, released on Friday.

The consumer price index, which measures the rate of inflation rose by 15.92% year-on-year in March 2022, which is 0.22% points higher than the 15.7% recorded in the previous month (February 2022).

“Increases were recorded in all COICOP divisions that yielded the Headline index.

“On a month-on-month basis, the Headline Index increased to 1.74 percent in March 2022, this is 0.11 percent points higher than the rate recorded in February 2022 (1.63 percent). The percentage change in the average composite CPI for the twelve months period ending March 2022 over the average previous twelve months period is 16.54 percent, this shows 0.19 percent points decrease compared to 16.73 percent recorded in February 2022.”

According to the report, food inflation rose to 17.2% in the review month, an uptick compared to the 17.11% recorded in the preceding month. This rise in the food index was caused by increases in prices of bread and cereals, food product, potatoes, yam and other tuber, fish, meat, oils and fats.

“The Urban Inflation rate increased to 16.44 percent year-on-year in March 2022 showing a decline of 2.32 percent points from the rate recorded in March 2021 (18.76 percent). In the same vein, the Rural Inflation increased to 15.42 percent in March 2022 with a decrease of 2.18 percent points from 17.60 percent recorded in March 2021.

“On a month-on-month basis, the Urban Index rose to 1.76 percent in March 2022, this was up by 0.11 percent points from the rate recorded in February 2022 (1.65 percent). The Rural Index rose to 1.73 percent in March 2022, with 0.12 percent point increase from 1.61 percent recorded in February 2022.”

Meanwhile, the core inflation rate dropped to 13.91% in March from 14.01% recorded in February 2022. The rise in the core index was attributed to the increase in the prices of gas, garments, cleaning, repair and hire of clothing, shoes and other footwear.

Other items, which recorded significant increase in price include clothing materials, other articles of clothing and clothing accessories, liquid fuel, fuels and lubricants for personal transport equipment and other services in respect of personal transport equipment.