Nigeria's March 2023 inflation rate surges to 22.04%

Nigeria's March 2023 inflation rate surges to 22.04%

The Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on April 15, 2023, indicates that Nigeria's inflation rate has risen by 0.13% points as compared to the inflation rate recorded in February 2023.

The Consumer Price Index (CPI) serves as a gauge to measure the fluctuation in prices of goods and services. According to the National Bureau of Statistics (NBS), the headline inflation rate increased from 21.91% in February 2023 to 22.04% in March 2023.

Upon analysis of the trend, it was observed that the March 2023 inflation rate rose by 0.13% points compared to the previous month. Furthermore, on a year-on-year basis, the headline inflation rate in March 2023 was 6.13% points higher than the rate recorded in March 2022, which was 15.92%.

The NBS reported that there was an upsurge 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%). Other notable increases were observed in 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%).