Nigeria’s inflation hits 15.92% as food, energy prices soar

Nigeria’s consumer price inflation rose in March amid soaring food prices, the National Bureau of Statistics (NBS) said in its report Friday.

The consumer price index (CPI), which measures inflation, increased to 15.92 percent in March from 15.70 percent recorded in February. It is the highest rate in five months.

The increase was recorded against the backdrop of increase in prices of gas, bread, cereals, liquid fuel and other food products.

In recent weeks, Nigeria suffered incessant grid collapse which disrupted electricity supply and forced many businesses and households to spend more on alternative energy sources.

In the same vein, widespread insecurity especially in northern Nigeria has continued to threaten Nigeria’s food production and supply chains amid increase in global food prices due to Ukraine war disruptions.

Details

Increases were recorded in all divisions that yielded the Headline index, the NBS said.

The March inflation rate is 2.25 percent points lower compared to 18.17 percent, the rate recorded in March 2021. This means that the headline inflation rate slowed down in March 2022 when compared to the same month in the previous year.

On a month-on-month basis, the Headline Index increased to 1.74 percent in March 2022, 0.11 percent points higher than the rate recorded in February 2022 (1.63 percent).

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, which shows 0.19 percent points decrease compared to 16.73 percent recorded in February 2022.

The Urban Inflation rate 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). 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.