15th April, 2022
Nigeria’s inflation has risen to 15.92 per cent in the month of March 2022, a report by the National Bureau of Statistics (NBS) has said.
In February, Nigeria’s inflation stood at 15.7 per cent in February and 15.6 per cent in January.
According to the report, in March 2022, the consumer price index, (CPI) which measures inflation increased to 15.92 per cent on a year-on-year basis.
This is 2.25 per cent points lower compared to 18.17 per cent, the rate recorded in March 2021.
This means that the headline inflation rate slowed down in March 2022 when compared to the same month in the previous year.
The report said 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 per cent in March 2022, this is 0.11 per cent points higher than the rate recorded in February 2022 (1.63 per cent).
“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 per cent, this shows 0.19 per cent points decrease compared to 16.73 per cent recorded in February 2022.
“The Urban Inflation rate increased to 16.44 per cent year-on-year in March 2022 showing a decline of 2.32 per cent points from the rate recorded in March 2021 (18.76 per cent).
“In the same vein, the Rural Inflation increased to 15.42 per cent in March 2022 with a decrease of 2.18 per cent points from 17.60 per cent recorded in March 2021,” the report said.
The reports added that on a month-on-month basis, the Urban Index rose to 1.76 per cent in March 2022, which it said was up by 0.11 per cent points from the rate recorded in February 2022 (1.65 per cent).
In the report, the Rural Index rose to 1.73 per cent in March 2022, with a 0.12 per cent point increase from 1.61 per cent recorded in February 2022.