Nigeria’s Inflation Rate Hits 22.04% For March As NBS Lists Causes For Increase

Nigeria’s inflation rate for March 2023 rose to 22.04% compared to that of February 2023 which was 21.91%.

This was disclosed in the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) report released on Saturday.

The Nigeria’s inflation rate for March 2023 showed an increase of 0.13% points when compared to February 2023 headline inflation rate.

The CPI measures the rate of change in the 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.

“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).”

NBS 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 NBS, the increase in prices of the above contributed to the rise of the country’s inflationary figure.

In other news, Kanyi Daily reported that some civilian aircrafts were on Saturday, set ablaze at the Khartoum Airport in Sudan as the clashes between the Sudanese army and paramilitary forces continue.

According to reports, the Sudanese paramilitary forces claim to have seized the presidential palace and set the civilian aircraft ablaze in an apparent coup attempt.