Nigeria’s Inflation Rate Worsens, Hits 15.92%

Nigeria’s Inflation Rate Worsens, Hits 15.92%

From 15.70% last month, the National Bureau of Statistics (NBS) said on Saturday that the nation’s inflation rate increased to 15. 92 per cent in March 2022.

According to a report released by NBS in March 2022, the Consumer Price Index (CPI) which measures inflation increased to 15.92 per cent year-on-year. “This is 2.25 per cent points lower compared to 18.17 per cent recorded in March 2021.

“This means that headline inflation rate slowed down in March 2022 when compared to the same month the previous year,” NBS said.

It further said that on a month-on-month basis, the Headline Index increased to 1.74 per cent in March 2022, representing 0.11 per cent points higher than the 1.63 per cent rate recorded in February 2022.

“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. READ: Nigeria’s Headline Inflation Rate Declines 37 Basis Points

“This shows 0.19 per cent points decrease compare to 16.73 per cent recorded in February 2022,” NBS further said.

The agency also said that 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 18.76 per cent recorded in March 2021.

“In the same vein, the rural inflation 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,” it said.

NBS, however, said that 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 1.65 per cent recorded in February 2022.

“The Rural Index rose to 1.73 per cent in March 2022, with a 0.12 per cent point increase from 1.61 per cent recorded in February 2022,” it said. #Nigeria’s Inflation Rate Worsen, Hits 15.92%