This is 2.25 percent points lower compared to 18.17 percent, the rate recorded in March 2021.
This means that the headline inflation rate slowed down in March 2022 when compared to the same month in the previous year
The March inflation figure is in line with a similar increase recorded in the month of February as a result of the rise in energy prices caused by the war between Russia and Ukraine.
The 15.92 percent is the highest rate the country has recorded since October 2021, following a surge in the cost of energy and food, maintaining pressure on the Central Bank of Nigeria (CBN), to take decisive actions to tackle inflation.
The National Bureau of Statistics (NBS), in its Consumer Price Index report released on Friday, attributed the marginal increase to surge in global energy prices, which has lingered all through the months of February and March as a result of the increased price of diesel as a result of scarcity emanating from ongoing crisis between Russia and Ukraine
The report said increases were recorded in all COICOP divisions that yielded the Headline index.
The NBS said, “In March 2022, the Consumer Price Index (CPI), which measures inflation increased to 15.92 percent on year-on-year basis.
“This is 2.25 percent points lower compared to 18.17 percent, the rate recorded in March 2021. This means that the headline inflation rate slowed down in March 2022 when compared to the same month in the previous year.”
“On a 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 per cent points decrease compared to 16.73 percent recorded in February 2022.”
The Report stated further that the Urban Inflation rate rose to 16.44 percent year-on-year in March 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″, the report said.
The reports added that on a month-on-month basis, the Urban Index rose to 1.76 percent in March 2022, which it said was up by 0.11 percent points from the rate recorded in February 2022 (1.65 percent).
In the report, the Rural Index rose to 1.73 percent in March 2022, with a 0.12 percent point increase from 1.61 percent recorded in February 2022.
“The corresponding twelve-month year-on-year average percentage change for the urban index was 17.10 percent in March 2022.
“This was lower than 17.29 percent reported in February 2022, while the corresponding rural inflation rate in March 2022 stood at 16.00 percent compared to 16.18 percent recorded in February 2022″, it added.
The rise in food index was caused by increases in prices of bread and cereals, food products n.e.c., potatoes, yam and other tubers, oils and fats
Core inflation, which excludes the prices of volatile agricultural produce stood at 13.91 percent month-on-month, down 0.1 percent compared to 14.01 percent in February 2021.
The highest increases under the core sub section were recorded in prices of gas, garments, cleaning, repair and hire of clothing, shoes and other footwear, liquefied fuel, tobacco, spirit, narcotics, solid fuel, cleaning repair and hire of clothing, garments, shoes and other foot wear.
