Nigeria’s inflation figure has hit 15.92%, the highest it ever has in the last six months.
The National Bureau of Statistics (NBS) has announced that Nigeria’s inflation rose to 15.92 per cent in March 2022.
NBS stated this in its latest consumer price index, (CPI) published on Friday.
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March’s inflation figure is the highest level since October 2021 and makes it the second consecutive month of increase in the price of goods and services in the country.
However, when compared to 18.17 per cent in the same month in 2021, the March figure is 2.25 per cent lower.
This means that the headline inflation rate slowed down in March 2022 when compared to the same month in the previous year.
But the burden of lower purchasing power of Nigerians remains as Ripples Nigeria check showed increases in all Classification of individual consumption by purpose (COICOP) divisions that yielded the Headline index.
NBS also reports that on month-on-month basis, the Headline Index increased to 1.74 percent in March 2022, this is 0.11 percent points higher than the rate recorded in February 2022 (1.63 percent).
The percentage change in the average composite CPI for the twelve months period ending March 2022 over the average previous twelve months period is 16.54 percent, this shows 0.19 percent points decrease compared to 16.73 percent recorded in February 2022.
The Urban Inflation rate increased to 16.44 percent year-on-year in March 2022 showing a decline of 2.32 percent points from the rate recorded in March 2021 (18.76 percent).
In the same vein, the Rural Inflation increased to 15.42 percent in March 2022 with a decrease of 2.18 percent points from 17.60 percent recorded in March 2021.
On a month-on-month basis, the Urban Index rose to 1.76 percent in March 2022, this was up by 0.11 percent points from the rate recorded in February 2022 (1.65 percent).
The Rural Index rose to 1.73 percent in March 2022, with 0.12 percent point increase from 1.61 percent recorded in February 2022. (RipplesNg)
