Inflation Hits 15.92% In March

Inflation Hits 15.92% In March

Inflation rose to 15.92% in March 2022 from the 15.70% in February 2022. It was 15.60% in January.

The National Bureau of Statistics (NBS) made this known in its document titled: “Consumer Price Index March 2022.”

According to the report, 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 document, said “In March 2022, the consumer price index, (CPI) which measures inflation increased to 15.92 percent on year-on-year basis.”

The NBS said this is 2.25 percent points lower compared to 18.17 percent, the rate recorded in March 2021.

It added this means that the headline inflation rate slowed down in March 2022 when compared to the same month in the previous year.

According to the,  composite food index rose to 17.20 percent in March, 2022 compared to 22.95 percent.

NBS said “on month-on-month basis, the food sub-index increased to 1.99 percent in March 2022, recorded in February 2022 .”

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The document said in March 2022, food Inflation on year-on-year basis was highest in Kogi with 22.21% fol

lowed by Cross River recording 19.86% and Kwara (19.53%), while Sokoto recorded the 3.31%, while Oyo recorded the slowest rise on month on month inflation with 0.19%.

The NBS noted that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) functions and all items levels.

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The document said 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 compared to 16.73 percent recorded in February 2022.

The Urban Inflation rate, said the NBS, 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).

It said  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.

NBS said 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 Index rose to 1.73 percent in March 2022, with 0.12 percent point increase from 1.61 percent recorded in February 2022.

According to the report, “the corresponding twelve-month year-on-year average percentage change for the urban index was 17.10 percent in March 2022. This was lower than 17.29 percent reported in February 2022, while the corresponding rural inflation rate in March 2022 stood at 16.00 percent compared to 16.18 percent recorded in February 2022.”