Nigeria’s Inflation rate Hits 22.04%

Nigeria’s inflation rate has risen to 22.04% in March 2023, from 21.91% recorded in February.

This is according to the National Bureau of Statistics (NBS)’ Consumer Price Index (CPI) report released on Saturday.

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

“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 disclosed that the increase in the food index was driven by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, Fish, fruits, meat, vegetables, and spirits.

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