Nigeria’s Inflation Rate Hits 22.04% For March 2023
Nigeria’s Inflation Rate Hits 22.04%
For March 2023
The consumer price index (CPI) released by the
National Bureau of Statistics (NBS) on Saturday, March 2023 revealed that the
inflation rate for March 2023 increased by 0.13% when compared with February
2023 inflation rate.
CPI is used to measure the change in prices Of
goods and services.
“In March 2023, the headline inflation rate
rose to 22.04% compared to February 2023 headline inflation rate which was
21.91%,” the NBS stated.
“Looking at
the trend, the March 2023 inflation rate showed an increase of 0.13% points
when compared to February 2023 headline inflation rate.
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“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).”
The Bureau
acknowledged the increase in the prices of food and non-alcoholic beverages
(11.42%); housing, water, electricity, gas & other fuel (3.69%); clothing
& footwear (1.69%); and transport (1.43%).
Others are
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%).
According to
the NBS, the increase in the prices of the above resulted in the raise of the
inflation figures of the country.
