Nigeria’s inflation rate hit 15.92 per cent in March 2022, the latest report released by the National Bureau of Statistics (NBS) has indicated. 

The report said that the Consumer Price Index (CPI) which measures inflation increased to 15.92 per cent year-on-year.

“This is 2.25 per cent points lower compared to 18.17 per cent recorded in March 2021.

“This means that headline inflation rate slowed down in March 2022 when compared to the same month the previous year,” NBS said.

It further said that on a month-on-month basis, the headline index increased to 1.74 per cent in March 2022, representing 0.11 per cent points higher than the 1.63 per cent rate recorded in February 2022.

“The percentage change in the average composite CPI for the 12 months period ending March 2022 over the average previous 12 months period is 16.54 per cent.

“This shows 0.19 per cent points decrease compared to 16.73 per cent recorded in February 2022,” NBS further said.

The report also said that urban inflation rate increased to 16.44 per cent year-on-year in March 2022 showing a decline of 2.32 per cent points from 18.76 per cent recorded in March 2021.

“In the same vein, the rural inflation increased to 15.42 per cent in March 2022 with a decrease of 2.18 per cent points from 17.60 per cent recorded in March 2021,” it said.

NBS, however, said that on a month-on-month basis, the Urban Index rose to 1.76 per cent in March 2022.

“This was up by 0.11 per cent points from 1.65 per cent recorded in February 2022.

“The Rural Index rose to 1.73 per cent in March 2022, with 0.12 per cent point increase from 1.61 per cent recorded in February 2022,” it said.

NAN