Inflation surges to 18-year high as March records 22.04%

Nigeria’s headline inflation has increased to 22.04 per cent in March 2023 the National Bureau of Statistics (NBS) has disclosed.

The new figure brings the country’s rise in food and services closer to an 18-year high.

According to the NBS, the headline inflation rate of 22.04 per cent is 0.13 per cent points higher when compared to February 2023 headline inflation rate.

But when compared to the same period last year, it noted that the figure was 6.13 per cent points higher.

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It said contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages (11.42 percent); housing, water, electricity, gas and other fuel (3.69 per cent); clothing and footwear (1.69 per cent); transport (1.43 per cent); furnishings, household equipment and maintenance (1.11 per cent); education (0.87 per cent) among others.

It added that the food inflation rate in March 2023 shot up to 24.45 per cent on a year-on-year basis; which was 7.25 per cent points higher compared to the rate recorded in March 2022 (17.20 percent).

“The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruits, meat, vegetables, and spirits.

“On a month-on-month basis, the food inflation rate in March 2023 was 2.07 per cent, this was 0.16% higher compared to the rate recorded in February 2023 (1.90 per cent ).”

It said the average annual rate of food inflation for the 12 months ending March 2023 over the previous 12 months’ average was 22.72 per cent, which was 3.50 per cent points increase from the average annual rate of change recorded in March 2022 (19.21 per cent).