New Telegraph

Nigeria’s inflation rate hits 15.92%, highest since Oct. 2021

 

 

 

The consumer price index, which measures the rate of increase in the price of goods and services, climbed to 15.92 per cent in March 2022, amid rising food prices.

The figure represents the highest rate recorded since October 2021 — and 0.22 per cent points higher than the 15.7 per cent recorded in the previous month (February 2022).

The National Bureau of Statistics (NBS) said this in its Consumer Price Index (CPI) report for February 2022, released on Friday.

The core inflation rate dropped to 13.91 per cent in March from 14.01 per cent recorded in February 2022. The rise in the core index was attributed to the increase in the prices of gas, garments, cleaning, repair and hire of clothing, shoes and other footwear.

Other items, which recorded significant price increases, include 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.

Meanwhile, food inflation rose to 17.2 per cent in the review month, an uptick compared to the 17.11 per cent recorded in the preceding month. This rise in the food index was caused by increases in prices of bread and cereals, food product, potatoes, yam and other tubers, fish, meat, oils and fats.

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