Nigeria’s inflation rate hits 22.04% in March 2023 — NBS
The figure is 0.13% points higher compared to the 21.91% recorded in February 2023.
Inflation
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This is according to the NBS Consumer Price Index (CPI) and Inflation Report for March 2023 released in Abuja on Monday.
According to the report, the figure is 0.13% points higher compared to the 21.91% recorded in February 2023.
It said on a year-on-year basis, the headline inflation rate in March 2023 was 6.13% higher than the rate recorded in March 2022 at 15.92%.
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“This shows that the headline inflation rate (year-on-year basis) increased in March 2023 when compared to the same period in March 2022.”
The report said the contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages at 11.42% and housing, water, electricity, gas and other fuel at 3.69%.
Others are clothing and footwear at 0.69%; transport at 1.43%; furnishings, household equipment and maintenance at 1.11% and education at 0.87% and health at 0.66%.
“Miscellaneous goods and services at 0.37%; restaurant and hotels at 0.27%; alcoholic beverage, tobacco and kola at 0.24%; recreation and culture at 0.15% and communication at 0.15%.”
It said the percentage change in the All-Items Index in March 2023 was 1.86% on a month-on-month basis.
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“This indicates a 0.15% increase compared to the 1.71% recorded in February 2023.
” This means that in March 2023, on average, the general price level was 0.15% higher relative to February 2023.”
The percentage change in the average CPI for the 12 months ending March 2023 over the average of the CPI for the previous 12 months period was 20.37%.
“This indicates a 3.83% increase compared to the 16.54% recorded in March 2022.’’
It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
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The report said the food inflation rate in March 2023 was 24.45% on a year-on-year basis, which was 7.25% higher compared to the rate recorded in March 2022 at 17.20%.
“The rise in food inflation is caused by increases in prices of bread and cereals, potatoes, yams and other tubers, and oil and fat, fish, vegetable, fruits, meat, and spirits.”
It said on a month-on-month basis, the food inflation rate in March was 2.07%, which was a 0.16% rise compared to the rate recorded in February 2023 at 1.90%.
The report said the “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 19.86% in March 2023 on a year-on-year basis.
“This increased by 5.94% compared to 13.91% recorded in March 2022.’’
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“On a month-on-month basis, the core inflation rate was 1.84% in March 2023, which was a 0.78% rise compared to what it stood at in February 2023 at 1.06%.”
According to the report, the highest increases were recorded in prices of gas, passenger transport by Air, liquid fuel, fuels, lubricants for Personal transport equipment, and vehicles spare parts.
“Others are maintenance and repair of personal transport equipment and solid fuel, medical services, and passenger transport by road, among others.
“The average 12-month annual inflation rate was 17.41% for the 12 months ending March 2023, this was 3.85% points higher than the 13.56% recorded in March 2022.”
The report said on a year-on-year basis in March 2023, that the urban inflation rate was 23.07%, which was 6.63% higher compared to the 16.44% recorded in March 2022.
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“On a month-on-month basis, the urban inflation rate was 2.00% in March 2023, representing a 0.15% rise compared to February 2023 at 1.85%.’’
It said the corresponding 12-month average for the urban inflation rate was 21.00% in March 2023.
“This was 3.90% higher compared to the 17.10% reported in March 2022.’’
The report said on a year-on-year basis in March 2023, the rural inflation rate was 21.09%, which was 5.67% higher compared to the 15.42% recorded in March 2022.
“On a month-on-month basis, the rural inflation rate in March 2023 was 1.72%, which increased by 0.14% compared to February 2023 at 1.58%.’’
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It said the corresponding 12-month average for the rural inflation rate in March 2023 was 19.79%, which was 3.79% higher compared to the 16.00% recorded in March 2022.
On states’ profile analysis, the report showed in March 2023, all items inflation rate on a year-on-year basis was highest in Ondo at 25.38%, followed by Bayelsa at 24.80%, and Lagos at 24.66%.
It, however, said the slowest rise in headline year-on-year inflation was recorded in Borno at 10.18% followed by Cross River/Sokoto at 19.24%, and Benue at 20.01%.
The report, however, said in March 2023, all items inflation rate on a month-on-month basis was highest in Bayelsa at 2.58%, Nasarawa at 2.54% and Lagos at 2.41%.
“Anambra at 1.03% followed by Ebonyi at 1.14% and Zamfara at 1.27% recorded the slowest rise in month-on-month inflation.”
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The report said food inflation in March 2023, on a year-on-year basis, was highest in Kwara at 28.48%, followed by Ondo at 28.22%, and Lagos at 27.92%.
“Sokoto at 18.99%, followed by Zamfara at 20.57% and Plateau at 21.38% recorded the slowest rise in food inflation on a year-on-year basis.’’
The report, however, said on a month-on-month basis, March 2023 food inflation was highest in Bayelsa at 3.11%, followed by Rivers at 3.00%, and Ondo at 2.98%.
“With Bauchi at 1.03%, followed by Zamfara at 1.08% and Ogun at 1.13% recorded the slowest rise on month-on-month inflation.’’
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