Food, Gas Prices Increase As Nigeria’s Inflation Rate Hits 15.92% In March 2022

The National Bureau of Statistics (NBS) has said the country’s inflation rate rose to 15.92 percent in March 2022.

In its Consumer Price Index (CPI) report for February 2022, released on Friday, the NBS said the figure represents the highest rate recorded since October 2021.

The bureau added that the figure is 0.22 percent points higher than the 15.7 per cent recorded in February 2022 and 2.25 per cent points lower compared to 18.17 per cent recorded in March 2021.

According to the bureau, the nation’s headline index increased to 1.74 per cent in March 2022 on a month-on-month basis, while the core inflation rate dropped to 13.91 per cent in March from 14.01 per cent recorded in February 2022.

In the report, the NBS said food inflation rose to 17.2 per cent in the review month, an uptick compared to the 17.11 per cent recorded in the preceding month.

This rise in the food index was caused by increases in prices of bread and cereals, food product, potatoes, yam and other tubers, fish, meat, oils and fats.

The statement reads: “On a month-on-month basis, the headline index increased to 1.74 per cent in March 2022, this is 0.11 per cent points higher than the rate recorded in February 2022 (1.63 per cent),” the report said.

“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 per cent, this shows 0.19 per cent points decrease compare to 16.73 per cent recorded in February 2022.

“The Urban Inflation rate increased to 16.44 per cent year-on-year in March 2022 showing a decline of 2.32 per cent points from the rate recorded in March 2021 (18.76 per cent). In the same vein, the Rural Inflation increased to 15.42 per cent in March 2022 with a decrease of 2.18 per cent points from 17.60 per cent recorded in March 2021.

“On a month-on-month basis, the urban index rose to 1.76 per cent in March 2022, this was up by 0.11 per cent points from the rate recorded in February 2022 (1.65 per cent). The rural index rose to 1.73 per cent in March 2022, with a 0.12 per cent point increase from 1.61 per cent recorded in February 2022.”