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Nigeria’s Inflation Rate Rises To 22.04% As Food Prices Soar
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The NBS has released the CPI and Inflation Report for March 2023.
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The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.
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The February headline inflation rate was 21.91%.
Eko Hot Blog reports that Nigeria’s headline inflation rate rose to 22.04% in March 2023.
The National Bureau of Statistics (NBS) made the disclosure in its CPI report for March 2023 released on Saturday.
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March 2023’s headline inflation rate stands in contrast to 21.91% recorded for February 2023.
“Looking at the trend, the March 2023 inflation rate showed an increase of 0.13% points when compared to February 2023 headline inflation rate,” the report reads.
“On a year-on-year basis, the headline inflation rate was 6.13% points higher compared to the rate recorded in March 2022 which was 15.92%.
“This shows that the headline inflation rate (year-on-year basis) increased in March 2023 when compared to the same month in the preceding year (i.e., March 2022).”
NBS
The NBS noted that the contributions of items on the divisional level to the increase in the headline index are food & non-alcoholic beverages (11.42%); housing, water, electricity, gas & other fuel (3.69%); clothing & footwear (1.69%); transport (1.43%); furnishings, household equipment & maintenance (1.11%); education (0.87%); health (0.66%); miscellaneous goods & services (0.37%); restaurant & hotels (0.27%); alcoholic beverage, tobacco & kola (0.24%); recreation & culture (0.15%) and communication (0.15%).
However, on a month-on-month basis, the All-Items Index in March 2023 was 1.86%, which was 0.15% points higher than the rate recorded in February 2023 (1.71%).
“This means that in March 2023, on average, the general price level was 0.15% higher relative to February 2023. The percentage change in the average CPI for the twelve months period ending March 2023 over the average of the CPI for the previous twelve months period was 20.37%, showing a 3.83% increase compared to 16.54% recorded in March 2022,” the bureau said.
On a year-on-year basis, in March 2023, the urban inflation rate was 23.07%, which was 6.63% points higher compared to the 16.44% recorded in March 2022.
“On a month-on-month basis, the urban inflation rate was 2.00% in March 2023, this was 0.15% points higher compared to February 2023 (1.85%). The corresponding twelve months average for the urban inflation rate was 21.00% in March 2023. This was 3.90% points higher compared to the 17.10% reported in March 2022,” the NBS report reads.
Also, the rural inflation rate in March 2023 was 21.09% on a year-on-year basis; this was 5.67% points higher compared to the 15.42% recorded in March 2022. On a month-on-month basis, the rural inflation rate in March 2023 was 1.72%, up by 0.14% points compared to February 2023 (1.58%).
Meanwhile, the food inflation rate in March 2023 was 24.45% on a year-on-year basis; which was 7.25% points higher compared to the rate recorded in March 2022 (17.20%).
The rise in food inflation on- 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, according to the NBS.
FURTHER READING
“On a month-on-month basis, the food inflation rate in March 2023 was 2.07%, this was 0.16% higher compared to the rate recorded in February 2023 (1.90%). The average annual rate of food inflation for the twelve months ending March 2023 over the previous twelve months’ average was 22.72%, which was 3.50% points increase from the average annual rate of change recorded in March 2022 (19.21%),” the bureau added in its monthly CPI report.
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