Inflation rate in Nigeria rose to 15.92 percent on a year-on-year basis in March, from 15.7 percent recorded in February, according to data released over the weekend by the National Bureau of Statistics (NBS).
In its latest report on the Consumer Price Index (CPI) for March 2022, the NBS attributed the spike in inflation for the month under review, majorly to the composite food index, which rose to 17.20 percent in March and sharp increase in the price of cooking gas.
The NBS said “in March 2022, the consumer price index, (CPI) which measures inflation increased to 15.92 percent on year-on-year basis. This is 2.25 percent points lower compared to 18.17 percent, the rate recorded in March 2021. This means that the headline inflation rate slowed down in March 2022 when compared to the same month in the previous year.”
Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.
“On month-on-month basis, the Headline Index increased to 1.74 percent in March 2022, this is 0.11 percent points higher than the rate recorded in February 2022 (1.63 percent). The percentage change in the average composite CPI for the twelve months period ending March 2022 over the average previous twelve months period is 16.54 percent, this shows 0.19 percent points decrease compare to 16.73 percent recorded in February 2022,” the NBS stated.
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It further noted that the Urban Inflation rate increased to 16.44 percent year-on-year in March 2022 showing a decline of 2.32 percent points from the rate recorded in March 2021 (18.76 percent). In the same vein, the Rural Inflation increased to 15.42 percent in March 2022 with a decrease of 2.18 percent points from 17.60 percent recorded in March 2021.
According to the NBS, “On a month-on-month basis, the Urban Index rose to 1.76 percent in March 2022, this was up by 0.11 percent points from the rate recorded in February 2022 (1.65 percent). The Rural In dex rose to 1.73 percent in March 2022, with 0.12 percent point increase from 1.61 percent recorded in February 2022”.
The composite food index rose to 17.20 per cent in March 2022 compared to 22.95 per cent recorded in March of the previous year.
The NBS blamed the rise in the food index on increases in prices of bread and cereals, food products, potatoes, yam and other tubers, fish, meat, oil and fat.
“On month-on-month basis, the food sub-index increased to 1.99 per cent in March 2022 – this was up by 0.12 per cent points from 1.87 per cent points recorded in February 2022.
“The average annual rate of change of the Food sub-index for the 12-month period ending March 2022 over the previous 12-month average was 19.21 per cent, 0.48 per cent points decrease from the average annual rate of change recorded in February 2022 (19.69 per cent).”
The NBS said the ‘all items less farm produce’ or core inflation, which excludes the prices of volatile agricultural produce, recorded 13.91 percent recorded in March 2022, up by 1.24 percent when compared to the 12.67 percent recorded in March 2021.
The highest increases, as stated by the NBS, were recorded in prices of gas, garments, cleaning, repair and hire of clothing, shoes and other footwears, 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.
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