Nigeria’s inflation rate increased to 22.04% in March 2023, according to the National Bureau of Statistics (NBS).
This figure is 0.13% points higher than February 2023’s 21.91% and 6.13% higher than March 2022’s 15.92%.
The increase in the headline inflation rate was driven by a variety of sectors, including food and non-alcoholic beverages, housing, water, electricity, gas, other fuel, clothing, footwear, transport, furnishings, household equipment, maintenance, education, and health.
Additionally, the 12-month average CPI for the year ending in March 2023 over the previous 12-month period was 20.37%, which is 3.83% higher than March 2022’s 16.54%.
The food inflation rate in March 2023 was 24.45% on a year-on-year basis, with increases being recorded in prices of bread and cereals, potatoes, yams, other tubers, oil and fat, fish, vegetable, fruits, meat, and spirits.
The core inflation rate stood at 19.86%, increasing by 5.94% compared to March 2022. Meanwhile, the urban inflation rate rose to 23.07% on a year-on-year basis, while the rural inflation rate was 21.09%.
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