Nigeria’s inflation rises by 0.13%

By Ogaga Ariemu

Nigeria’s March inflation rate rose to 22.04 per cent from 21.91 per cent in February 2023, according to the National Bureau of Statistics, NBS.

NBS disclosed this on Saturday in its latest Consumer Price Index and Inflation report.

The recent figure showed a 0.13 per cent points high when compared to February 2023 headline inflation rate.

Accordingly, the March inflation rate was 6.13 per cent points higher than that of 2022, which stood at 15.92 per cent.

NBS said the contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages (11.42%), housing, water, electricity, gas and other fuel (3.69%), clothing and footwear (1.69%), transport (1.43%), furnishings, household equipment and maintenance (1.11%), education (0.87%), health (0.66%), miscellaneous goods and services (0.37%), restaurant and hotels (0.27%), alcoholic beverage, tobacco and kola (0.24%), recreation and culture (0.15%) and communication (0.15%).

CPI means the average change in the prices of goods and services paid by consumers, while inflation measures how much more expensive a set of goods or services have become over a certain period.

NBS usually announces the monthly inflation rate on the 15th of the following month.