Inflation rate in Nigeria hits 22.04% for March 2023


According to the National Bureau of Statistics (NBS), the inflation rate in Nigeria increased to 22.04% as of March 2023.

The consumer price index measures the rate of change in prices of goods and services.

“In March 2023, the headline inflation rate rose to 22.04% compared to February 2023 headline inflation rate which was 21.91%,” the NBS stated.

“Looking at the trend, the March 2023 inflation rate showed an increase of 0.13% points 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%.

“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 Bureau said there was an 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%).

Other price increases 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%).

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