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HomeTop NewsNigeria's inflation rate rises to 22.04% in March, says NBS

Nigeria’s inflation rate rises to 22.04% in March, says NBS

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By Samuel Bankole

Nigeria’s annual inflation rose to 22.04 percent in March compared with 21.91 percent in February, according to the figure released on Saturday by the National Bureau of Statistics (NBS).

Food inflation, which accounts for the bulk of Nigeria’s inflation basket, rose to 24.45 percent in March from 24.35 percent in February.

“Looking at the trend, the March 2023 inflation rate showed an increase of 0.13 percentage points when compared to the February 2023 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 6.13 percent points higher compared to the rate recorded in March 2022, which was 15.92 percent.

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

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“The contributions of items on the divisional level to the increase in the headline index are: food & non-alcoholic beverages (11.42 percent); housing, water, electricity, gas & other fuel (3.69 percent); clothing & footwear (1.69 percent); transport (1.43 percent); furnishings, household equipment & maintenance (1.11 percent); education (0.87 percent); health (0.66 percent); miscellaneous goods & services (0.37 percent); restaurant & hotels (0.27 percent); alcoholic beverages, tobacco

It said that on a month-on-month basis, the All-Items Index in March 2023 was 1.86 percent, which was 0.15 percent points higher than the rate recorded in February 2023 (1.71 percent).

This means that in March 2023, on average, the general price level was 0.15 percent higher relative to February 2023.

“The percentage change in the average CPI for the twelve-month period ending March 2023 over the average of the CPI for the previous twelve-month period was 20.37 percent, showing a 3.83 percent increase compared to the 16.54 percent recorded in March 2022, the NBS stated.

Inflation has remained elevated in Africa’s biggest economy, eroding savings and incomes, and prompting the central bank to hike interest rates to their highest level in nearly two decades.

High inflation, weak economic growth, and widespread insecurity are some of the major issues that will confront Nigeria’s new president, who will be sworn in next month following a disputed election in February.

The CBN last month hiked its main lending rate by 50 basis points to 18 percent, citing continued price pressures and a weakening naira.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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