Nigeria’s inflation rate has risen to 15.92 percent

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Nigeria's inflation rate has risen to 15.92 percent
Nigeria's inflation rate has risen to 15.92 percent

THE CONSUMER PRICE INDEX, which measures inflation, increased to 15.92% in March 2022, the highest level since October 2021.

The figure represents a 0.22 percent increase over the 15.7 percent recorded in February 2022.

This was revealed by the National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) report for March 2022, which was released on Friday.

The CPI measures the rate at which prices for goods and services rise.

According to the report, the rate was 2.25 percentage points lower in March 2022 than in March 2021, indicating a year-on-year slowdown in March 2022.

On a month-to-month basis, the headline index rose to 1.74 percent in March 2022, 0.11 percent higher than the rate recorded in February 2022. (1.63 per cent).

“The percentage change in the average composite CPI for the twelve months ending March 2022 over the average previous twelve months period is 16.54 percent,” according to the report. This represents a 0.19 percent point decrease from the 16.73 percent recorded in February 2022.

“The urban inflation rate increased to 16.44 percent year on year in March 2022, a 2.32 percent point decrease from the rate recorded in March 2021.” (18.76 per cent). In the same vein, Rural Inflation increased to 15.42 percent in March 2022, a 2.18 percent point decrease from 17.60 percent in March 2021.

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“On a monthly basis, the urban index increased to 1.76 percent in March 2022.” This was an increase of 0.11 percentage points over the rate recorded in February 2022. (1.65 per cent). The rural index increased to 1.73 percent in March 2022, a 0.12% point increase from 1.61 percent in February 2022.”

According to the report, the core inflation rate fell to 13.91 percent in March from 14.01 percent in February 2022. The rise in the core index was attributed to price increases in gas, clothing, cleaning, repair, and hiring of clothing, shoes, and other footwear.

Clothing materials, other articles of clothing and clothing accessories, liquid fuel, fuels and lubricants for personal transport equipment, and other services related to personal transport equipment all saw significant price increases.

According to the report, food inflation increased to 17.2 percent in the review month, up from 17.11 percent the previous month. Bread and cereals, food products, potatoes, yams and other tubers, fish, meat, oils and fats all increased in price, contributing to the rise in the food index.