Breaking News- Nigeria’s Headline Inflation Rate Rises to 15.38%
Nigeria’s headline inflation rate increased to 15.38% year on year, according to consumer price index data released by the national statistics office on Wednesday.
Inflation rate edged higher to 15.38% in March, up by 32 basis points from 15.06%, the National Bureau of Statistics (NBS) said in a report released in Abuja today.
Core inflation surged to16.21% year on year, the statistics office said, up from 15.88% posted in the previous month. Food rate climbed to 14.31% y/y from 12.12% y/y, reflecting the negative impacts of increased transportation costs.
The U.S.-Iran war drove up petroleum prices, which affected transport costs in Nigeria. The higher mobility costs pushed up the food index. Analysts anticipate disinflation to persist until Middle East conflicts are resolved.
On a month-on-month (m/m) basis, inflation increased by 4.2%, compared to a rise of 2.0% in February. Meanwhile, food inflation climbed to 14.3%, up from 12.1% year-on-year (y/y) in February. Additionally, core inflation rose to 16.2% y/y in March, up from 15.9% y/y the previous month.
UBA X LAGRIDE- Get Loan to Buy SUV for Ride-Hailing Business
