Nigeria’s headline inflation rate for March surged to 22.04 per cent compared to 21.91 per cent in February 2023.
In it’s Consumer Price Index (CPI) report for the month under review, the National Bureau of Statistics (NBS), this represents
a 0.13 percentage points increase 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%.
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).
According to the Bureau, food & non-alcoholic beverages (11.42%); housing, water, electricity, gas & other fuel (3.69%); clothing & footwear (1.69%); transport (1.43%); amongst others were drivers of the increase.
