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HomeTop NewsNigeria's consumer inflation rises to 15.9%, second increase in 2-month

Nigeria’s consumer inflation rises to 15.9%, second increase in 2-month

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Nigeria’s double-digit inflation climbed further 0.22 per cent to 15.92 per cent in March, rising for a second straight month as prices for food and non-food items rose in Africa’s biggest economy, the statistics office said on Friday.

Inflation, which has been in double digits since 2016, rose from 15.70 per cent in February, the National Bureau of Statistics (NBS) said.

”In March 2022, the CPI which measures inflation increased to 15.92 per cent on YoY 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.  I

“Increases were recorded in all COICOP divisions that yielded the Headline index. “On month-on-month (MoM)  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).

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“The Urban Inflation rate increased to 16.44 per cent YoY 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 price of diesel, which is used to power generators by most businesses in Nigeria, has more than doubled in the past month while economic analysts say the impact of the Ukraine war on local prices could be felt in the coming weeks.

Nigeria imports many key goods and services. A dollar shortage has put pressure on prices as the government introduced restrictions to support the currency.

Nigerian authorities have said persistent inflationary pressures are structural – linked to deficits and not solely to the money supply – and largely imported.

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