NBS: Nigeria’s Inflation Rate Hits 15.92%

The Consumer Price Index (CPI) which measures inflation increased to 15.92 per cent on a year-on-year basis in March 2022.

The National Bureau of Statistics (NBS) disclosed this, Friday, in its latest report titled ‘Consumer Price Index March 2022’.

It explained that the percentage reported was 2.25 per cent points lower compared to the 18.17 per cent rate recorded in March last year.

This means that the headline inflation rate slowed down in March 2022 when compared to the same month in the previous year, while 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 per cent in March 2022, this is 0.11 percent points higher than the rate recorded in February 2022 (1.63 per cent),” said the report. “The percentage change in the average composite CPI for the 12 months period ending March 2022 over the average previous 12 months period is 16.54 per cent, this shows 0.19 per cent points decrease compared to 16.73 per cent recorded in February 2022.

“The Urban Inflation rate increased to 16.44 per cent year-on-year in March 2022, showing a decline of 2.32 per cent points from the rate recorded in March 2021 (18.76 per cent). In the same vein, the rural Inflation rate increased to 15.42 per cent in March 2022 with a decrease of 2.18 per cent points from 17.60 per cent recorded in March 2021.

“On a month-on-month basis, the Urban Index rose to 1.76 per cent in March 2022 – this was up by 0.11 per cent points from the rate recorded in February 2022 (1.65 per cent). The Rural Index rose to 1.73 per cent in March 2022, with 0.12 per cent point increase from 1.61 per cent recorded in February 2022.”