Nigeria’s Consumer Price Index (CPI), which measures the rate of inflation in the economy, slowed to about 15.92 percent in March 2022, the National Bureau of Statistics (NBS) said in its latest report released on Friday.
The NBS said the latest ‘Consumer Price Index for March 2022’ was about 0.19 percent lower than Nigeria’s annual inflation rate 15.70 percent recorded in February 2022, and about 2.25 percent points lower when compared to the 18.17 percent rate (year-on-year) recorded in the corresponding period in March last year.
The statistics agency said the report showed increases were recorded in all Classifications of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.
“On month-on-month basis, the. NbS said Headline Index increased to 1.74 percent in March 2022, about 0.11 percent points higher than the rate recorded in February 2022 (1.63 percent),” said the report.
“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 percent – this shows 0.19 per cent points decrease, compared to 16.73 percent recorded in February 2022.
“The Urban Inflation rate increased to 16.44 per cent year-on-year in March 2022, showing a decline of 2.32 percent points from the 18.76 percent recorded in March 2021.
Similarly, the report showed the rural inflation rate rose to about 15.42 percent during the month, compared with a decline of about 2.18 percent points, from 17.60 percent recorded in March 2021.
“On a month-on-month basis, the Urban Index climbed to 1.76 percent in March 2022 – up by 0.11 percent points from the rate recorded in February 2022 (1.65 percent).
Again, the rural inflation index rose to 1.73 percent in March 2022, compared with 0.12 percent point increase from 1.61 percent recorded in February 2022.
The NBS said the corresponding 12-month year-on-year average percentage change for the urban index was about 17.10 percent in March 2022.
The figure, the agency said, was lower than the 17.29 percent reported in February 2022, while the corresponding rural inflation rate in March 2022 stood at about 16.00 percent, when compared to 16.18 percent recorded in February 2022.
Similarly, the composite food index rose to 17.20 percent in March 2022, compared to 22.95 percent recorded in March the previous year.
The NBS blamed the rise in the food index on increases in prices of bread and cereals, food products, potatoes, yam and other tubers, fish, meat, oil and fat.
“On month-on-month basis, the food sub-index increased to 1.99 percent in March 2022 – this was up by 0.12 percent points from 1.87 percent points recorded in February 2022.
“The average annual rate of change of the Food sub-index for the 12-month period ending March 2022 over the previous 12-month average was 19.21 percent, 0.48 percent points decrease from the average annual rate of change recorded in February 2022 (19.69 percent).”
On the ‘all items less farm produce’ or core inflation, excluding the prices of volatile agricultural produce, NBS said 13.91 percent was recorded in March 2022, up by 1.24 percent points when compared to the 12.67 percent recorded in March 2021.
The highest increases were recorded in prices of gas, garments, cleaning, repair and hire of clothing, shoes and other footwears, clothing materials, other articles of clothing and clothing accessories, liquid fuel, fuels and lubricants for personal transport equipment and other services in respect of personal transport equipment.
Editors Note: There an error in the Inflation figures earlier posted. The correct digurees have been replaced. Error is regretted.