The National Bureau of Statistics (NBS) has announced that the Nigeria’s inflation rate for the month of March 2022 increased to 15.92 percent on year-on-year basis.
The NBS said in its monthly report of the consumer price index which measures inflation that the figure was is 2.25 percent points lower than the figure of 18.17 percent recorded in March 2021, indicating that the headline inflation rate slowed down in March 2022 when compared to the same month in the previous year.
It added that increases were recorded in all COICOP divisions that yielded the Headline index.
On 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).
According to the report, 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 compare to 16.73 percent recorded in February 2022.
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).
It explained that 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.
“The corresponding twelve-month year-on-year average percentage change for the urban index was 17.10 percent in March 2022. This was lower than 17.29 percent reported in February 2022, while the corresponding rural inflation rate in March 2022 stood at 16.00 percent com-pared to 16.18 percent recorded in February 2022.
“The 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 product, Potatoes, yam and other tuber, Fish, Meat, Oils and fats,” it added.
GIK/APA