Inflation hits 15.92% in five months

The latest figures from the National Bureau of Statistics have shown that Nigeria’s Consumer Price Index rose to 15.92 percent in March.

This new rate is the highest the country has recorded since November 2021, when the inflation rate dropped to 15.99 percent.

The rise shows that Nigeria is not left out in the global inflation surge currently being witnessed.

The United States’ labor department on Tuesday disclosed that the country’s inflation rate rose to 8.5 percent in March, the highest since 1981.

The rise in global inflation rates has been associated with the rise in energy prices caused by the war between Russia and Ukraine

The NBS in its “CPI report for March 2022” revealed that Nigeria’s inflation fell by 2.25 percent when compared to 18.7 percent in March 2021.

However, March’s inflation rate is 0.22 percent higher than the 15.70 percent recorded in February.

The report said, “In March 2022, the consumer price index, which measures inflation, increased to 15.92 percent on a year-on-year basis.

“This 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.

“Increases were recorded in all COICOP divisions that yielded the headline index. On a 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).”



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