Minister of Finance, Zainab Ahmed
Inflation rate jumps by 0.13% to reach 22.04% in March 2023 – NBS
National Bureau of Statistics (NBS) says the country’s headline inflation increased by 0.13 per cent to reach 22.04 per cent in March 2023, compared to February 2023’s rate of 21.91 per cent.
The bureau had last month, March disclosed also that the country’s inflation rate jumped to 21.91 per cent as at January 2023, compared to January 2022 figure of 21.82 per cent, representing a 0.09 increase.
According to data obtained from the NBS Consumer Price Index (CPI) report released, Saturday, on a year-on-year basis, the headline inflation rate was 6.13 per cent points higher compared to the rate recorded in March 2022 which was 15.92 per cent.
The CPI measures the rate of change in prices of goods and services.
“In March 2023, the headline inflation rate rose to 22.04 perfect but compared to February 2023 headline inflation rate which was 21.91 per cent.
“Looking at the trend, the March 2023 inflation rate showed an increase of 0.13 per cent points when compared to February 2023 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 6.13 per cent points higher compared to the rate recorded in March 2022 which was 15.92 per cent.
“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),” the report read.
NBS acknowledged the increase 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%).
Others include; 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%).
According to the NBS, the increase in prices of the above contributed to the rise of the country’s inflationary figure.
It would be recalled that, last February, the NBS disclosed that the country’s headline inflation rate jumped to 21.91 per cent as at January 2023, compared to January 2022 inflation rate which was 21.82 per cent.
The percentage represents a 0.09 per cent point increase.
A recent Consumer Price Index report by the NBS, disclosed that the rise in the inflation rate followed the Naira crisis across the country and uncertainties relating to the just concluded presidential election.
The NBS said the rise in food inflation was caused by increases in prices of oil and fat, fish, meats, vegetable, yam and other tubers, bread and cereals, and other foods.
