Nigeria’s inflation rate rises to 5-month high in March 2022

Nigeria’s inflation rose to 15.92% in March 2022, following a similar uptick recorded in the previous month as a result of the increase in energy prices.

This represents the highest rate recorded since October 2021.

This is according to the recently released Consumer Price Index report, released by the National Bureau of Statistics (NBS).

The consumer price index, which measures the rate of inflation rose by 15.92% year-on-year in March 2022, which is 0.22% points higher than the 15.7% recorded in the previous month (February 2022).

On the other hand, the core inflation rate dropped to 13.91% in March from 14.01% recorded in February 2022. The rise in the core index was attributed to the increase in the prices of Gas, Garments, Cleaning, repair and hire of clothing, Shoes and other foot wear.

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Other items, which recorded significant increase in price include clothing materials, other articles of clothing and clothing accessories, Liquid Fuel, Fuels and lubricants for personal transport equipment and other services in respect of personal transport equipment.

Meanwhile, food inflation rose to 17.2% in the review month, an uptick compared to the 17.11% 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 tuber, Fish, Meat, Oils and fats.