Nigeria’s headline inflation rate increased to 22.04% in March 2023, up from 21.91% in February 2023.
The March 2023 Consumer Price Index (CPI) rate increased by 0.13% points when compared to the February 2023 headline inflation rate, according to the National Bureau of Statistics (NBS) report released on Saturday.
The CPI monitors the rate at which prices for goods and services vary.
“In March 2023, the headline inflation rate rose to 22.04% compared to February 2023 headline inflation rate, which was 21.91%,” the NBS stated.
“Looking at the trend, the March 2023 inflation rate showed an increase of 0.13% points when compared to February 2023 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 6.13% points higher compared to the rate recorded in March 2022, which was 15.92%.
“This shows that the headline inflation rate (year-on-year basis) increased in March 2023 when compared to the same month in the preceding year (i.e., March 2022).”
The Bureau reported price increases in food and non-alcoholic beverages (11.42%), housing, water, electricity, gas, and other fuel (3.69%), apparel and footwear (1.69%), and transportation (1.43%).
Furniture, household equipment, and maintenance (1.11%); education (0.87%); health (0.66%); other products and services (0.37%); restaurant & hotels (0.27%); alcoholic beverage, tobacco, and drugs (0.24%); recreation & culture (0.15%); and communication (0.15%) round out the top five.
According to the NBS, the above-mentioned price increases contributed to the country’s inflationary figure rising.
