Nigeria’s inflation rose to 22.04% in March: NBS
Nigeria’s inflation rate rose to 22.04 per cent in March 2023, from the 21.91 per cent recorded in February 2023, according to the Consumer Price Index published by the National Bureau of Statistics (NBS) on Saturday.
The country’s inflation rate has now risen three times in a row since the beginning of the year.
March inflation data shows a 0.13 per cent increase from the 21.91 per cent recorded in February 2023.
Year on year, the country’s inflation rate increased by 6.13 per cent from 15.92 percent in March 2022.
“On a month-on-month basis, the all-items index in March 2023 was 1.86 percent, which was 0.15 per cent points higher than the rate recorded in February 2023 (1.71 percent),” the report added.
The NBS statistics also showed that the rate of food inflation in March increased to 2.07 per cent , 0.16 per cent more than the 1.90 per cent reported in February.
The central bank is likely to continue tightening monetary policy, focused on draining money out of the economy, with the inflation rate already at 22.04 per cent.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Sport
Iheanacho, Ndidi secure Premier League promotion with Leicester City
Leicester City have now secured one of the two automatic promotion tickets to the Premier League.
Economy
BDC operators warn against naira speculation, hoarding
He added that ABCON will upgrade technology in its quest to help in the fight against the sabotage of CBN’s reforms.
Economy
Tinubu taps Jim Ovia to lead Nigerian education loan fund
The prominent Nigerian banker was appointed on Friday.
Heading 4
Liverpool agree compensation with Feyenoord to appoint Arne Slot as new manager
Liverpool had initially shown interest in former player and Bayer Leverkusen manager Xabi Alonso.
Agriculture
Taraba govt. set to distribute first set of tractors to farmers
“We have so far received 20 Cabrio and 250 mini high powered tractors that would be distributed to our farmers on May 28.”
NationWide
Jonathan mourns Ayogu Eze
The former president commiserated with the Eze family, his political and professional colleagues in the media.