According to the Consumer Price Index issued on Saturday by the National Bureau of Statistics (NBS), Nigeria’s inflation rate increased to 22.04 percent in March 2023, up from 21.91 percent in February 2023.
Since the beginning of the year, the country’s inflation rate has climbed three times in a row.
Inflation figures for March show a 0.13 percent increase over the 21.91 percent recorded in February 2023.
The country’s inflation rate climbed by 6.13 percent year on year, from 15.92 percent in March 2022 to 6.13 percent in March 2023.
“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.
According to NBS data, the rate of food inflation in March jumped to 2.07 percent, 0.16 percent more than the 1.90 percent reported in February.
With inflation now at 22.04 percent, the central bank is expected to continue tightening monetary policy in order to drain money from the economy.
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