NIGERIA’S inflation rate rose to a record 22.04 per cent in March 2023, against 21.91 per cent in February.

This is contained in the latest inflation report by the National Bureau of Statistics (NBS) released on Saturday April 15.

“Looking at the trend, the March 2023 inflation rate showed an increase of 0.13% points when compared to February 2023 headline inflation rate. On a year-on-year basis, the headline inflation rate was 6.13% points higher compared to the rate recorded in March 2022 which was 15.92%.

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“This shows that the headline inflation rate (year-on-year basis) increased in March 2023 when compared to the same month in the preceding year (i.e., March 2022),” the NBS reported.

According to the NBS, increased cost of food and beverages, housing, water, electric, gas, transport, among several other factors, contributed to the increase in the headline index.

Food inflation also increased to 24.46 per cent in March from 24.35 in February.

Nigeria’s inflation has continued on an upward trend since 2015. In October 2015, it was at 9.3 per cent and rose steadily till it hit double digit in 2016.

Rising inflation has remained a significant challenge in the country. Prices of food items have also continued to rise, placing several nutritious food items out of the reach of Nigerians, a large percentage of who live below poverty line.

The ICIR reported in 2022 that rise in food prices in the country is resulting in malnutrition in the country and could push six million more Nigerians into poverty.