According to the NBS Consumer Price Index (CPI) and Inflation Report for March 2023 released in Abuja on Monday, the National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 22.04 per cent on a year-on-year basis in March 2023.
According to the report, the figure is 0.13 per cent points higher compared to the 21.91 per cent recorded in February 2023.
It said on a year-on-year basis, the headline inflation rate in March 2023 was 6.13 per cent higher than the rate recorded in March 2022 at 15.92 per cent.
The report said the contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages at 11.42 per cent and housing, water, electricity, gas and other fuel at 3.69 per cent.
Others are clothing and footwear at .69 per cent; transport at 1.43 per cent; furnishings, household equipment and maintenance at 1.11 per cent and education at 0.87 per cent and health at 0.66 per cent.
“Miscellaneous goods and services at 0.37 per cent; restaurant and hotels at 0.27 per cent; alcoholic beverage, tobacco and kola at 0.24 per cent; recreation and culture at 0.15 per cent and communication at 0.15 per cent.”
It said the percentage change in the All-Items Index in March 2023 was 1.86 per cent on a month-on-month basis.
“This indicates a 0.15 per cent increase compared to the 1.71 per cent recorded in February 2023.
” This means that in March 2023, on average, the general price level was 0.15 per cent higher relative to February 2023.”
The percentage change in the average CPI for the 12 months ending March 2023 over the average of the CPI for the previous 12 months period was 20.37 per cent.
“This indicates a 3.83 per cent increase compared to the 16.54 per cent recorded in March 2022.’’
