Nigeria’s Inflation Rises to 15.92%, highest in 5 months

THE consumer price index, which measures inflation, has increased to 15.92 per cent in March 2022, indicating the highest increase since October 2021.

The figure shows 0.22 per cent increase, compared to 15.7 per cent recorded in February, 2022

The National Bureau of Statistics (NBS) disclosed this in its Consumer Price Index (CPI) report for March 2022, which was released on Friday.

The CPI measures the rate of increase in the prices of goods and services.

The report says the rate was 2.25 per cent points lower, compared to 18.17 per cent recorded in March 2021, indicating a slow down (year-on-year) in March 2022.

On a month-on-month basis, the headline index increased to 1.74 per cent in March 2022, which was 0.11 per cent points higher than the rate recorded in February 2022 (1.63 per cent).

The report stated, “The percentage change in the average composite CPI for the twelve months 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.

“On a month-on-month basis, the urban index rose to 1.76 per cent in March 2022. This was up by 0.11 per cent points from the rate recorded in February 2022 (1.65 per cent). 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.”

The report stated thst core inflation rate dropped to 13.91 per cent in March, from 14.01 per cent 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 footwears.

Other items which recorded significant price increases included 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.

The report also said food inflation rose to 17.2 per cent in the review month, an uptick, compared to the 17.11 per cent recorded in the preceding month. This rise in the food index was caused by increase in prices of bread and cereals, food product, potatoes, yam and other tubers, fish, meat, oils and fats.

Nurudeen Akewushola is an investigative reporter and fact-checker with The ICIR. He believes courageous in-depth investigative reporting is the key to social justice, accountability and good governance in the society. You can shoot him a scoop via [email protected] and @NurudeenAkewus1 on Twitter.

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