Why Nigeria’s inflation rate went up in March – NBS

Nigeria inflation figure witnessed a 0.22 increase In March 2022 leaving the current rate at 15.92, the National Bureau of Statistics (NBS) has disclosed.

The Bureau made this known in a report on the country’s inflation figure.

According to the report, the rate was pushed up by increase in prices of gas, bread, cereals, liquid fuel and other food products.

On month-on-month basis, the consumer price index, (CPI) increased by 0.22 points from the 15.70 recorded in February.

Also, the Headline Index increased to 1.74 percent in March 2022, a 0.11 percent points higher than the rate recorded in February 2022 (1.63 percent).

However, on a year-on-year basis, the figure was lowered from 18.17 percent 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 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.”

Also, composite food index rose to 17.20 percent in March, 2022 compared to 22.95 percent recorded in March, 2021.

“This rise in the food index was caused by increases in prices of bread and cereals, food products like, potatoes, yam and other tuber, fish, meat, oils and fats.”

“All items less farm produce’’ or Core inflation, that exclude the prices of volatile agricultural produce, it stood at 13.91 percent in a 1.24 percent points increase when compared to 12.67 percent recorded in March 2021.

“The highest increases in the category were recorded in prices of gas, garments, cleaning, repair and hire of clothing, shoes and other foot wear, 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.”