The National Bureau of Statistics (NBS) has declared that Nigeria’s headline inflation rate increased to 22.04 per cent on a year-on-year basis in March 2023.
This was contained in the NBS Consumer Price Index (CPI) and Inflation Report for March 2023 released on Saturday, April 15.
The NBS noted that the figure is 0.13 per cent points higher compared to February 2023 headline inflation rate which was 21.91 per cent.
It stated: “In March 2023, the headline inflation rate rose to 22.04 per cent compared to February 2023 headline inflation rate which was 21.91 per cent.
“Looking at the trend, the March 2023 inflation rate showed an increase of 0.13 per cent points when compared to February 2023 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 6.13 per cent points higher compared to the rate recorded in March 2022 which was 15.92 per cent.
“This shows that the headline inflation rate (year-on-year basis) increased in March 2023 when compared to the same month in the preceding year (i.e., March 2022).”
Details later…
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