Nigeria’s inflation rate hits 15.92% in March, highest in 5 months

The National Bureau of Statistics (NBS) said on Saturday that the nation’s inflation rate increased to 15. 92 percent in March 2022.

According to a report released by NBS in March 2022, the Consumer Price Index (CPI) which measures inflation increased to 15.92 percent year on year.

“This is 2.25 percent points lower compared to 18.17 percent recorded in March 2021.

“This means that headline inflation rate slowed down in March 2022 when compared to the same month the previous year,” NBS said.

It further said that on a month-on-month basis, the Headline Index increased to 1.74 percent in March 2022, representing 0.11 percent points higher than the 1.63 percent rate recorded in February 2022.

“The percentage change in the average composite CPI for the 12 months period ending March 2022 over the average previous 12 months period is 16.54 percent.

“This shows 0.19 percent points decrease compare to 16.73 percent recorded in February 2022,” NBS further said.

The agency also said that the urban inflation rate increased to 16.44 percent year-on-year in March 2022 showing a decline of 2.32 percent points from 18.76 percent recorded in March 2021.

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“In the same vein, the rural inflation increased to 15.42 percent in March 2022 with a decrease of 2.18 percent points from 17.60 percent recorded in March 2021,” it said.

NBS, however, said that on a month-on-month basis, the Urban Index rose to 1.76 percent in March 2022.

“This was up by 0.11 percent points from 1.65 percent recorded in February 2022.

“The Rural Index rose to 1.73 percent in March 2022, with a 0.12 percent point increase from 1.61 percent recorded in February 2022,” it said.