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From Isaac Anumihe, Abuja
National Bureau of Statistics (NBS), yesterday, said that the consumer price index (CPI) which measures inflation increased to 15.92 per cent in March as against 15.70 per cent recorded in February, 2022.
The bureau attributed the spike to food index which moved up to 17.20 per cent in March, 2022 compared to 22.95 per cent recorded in March, 2021.
The March rate, according to NBS, is 2.25 per cent points lower compared to 18.17 per cent, 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 rate obtained from NBS website disclosed that increases were recorded in all Consumption According to Purpose (COICOP) divisions that yielded the headline index.
On month-on-month basis, the headline index increased to 1.74 per cent in March 2022. This
is 0.11 per cent points higher than the rate recorded in February 2022 (1.63 per cent).
“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 per cent. This shows 0.19
percent points decrease compared to 16.73 per cent recorded in February 2022.
“The urban inflation rate increased to 16.44 per cent year-on-year in March 2022 showing a
decline of 2.32 per cent points from the rate recorded in March 2021 (18.76 per cent). In the
same vein, the rural inflation increased to 15.42 per cent in March 2022 with a decrease of
2.18 per cent points from 17.60 per cent recorded in March 2021.
On a month-on-month basis, the urban index rose to 1.76 per cent in March 2022. This was up by 0.11 per cent points from the rate recorded in February 2022 (1.65 per cent). The rural index rose to 1.73 per cent in March 2022, with 0.12 per cent point increase from 1.61 per cent recorded in February 2022.
“The corresponding twelve-month year-on-year average percentage change for the urban index was 17.10 per cent in March 2022. This was lower than 17.29 per cent reported in February
2022, while the corresponding rural inflation rate in March 2022 stood at 16.00 per cent compared to 16.18 per cent recorded in February 2022” NBS, said.
However, NBS attributed most of the increases to food index which rose to 17.20 per cent in March.
“The composite food index rose to 17.20 per cent in March, 2022 compared to 22.95 per cent
recorded in March, 2021. 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.
“On month-on-month basis, the food sub-index increased to 1.99 per cent in March 2022.
This was up by 0.12 per cent points from 1.87 per cent points recorded in February 2022.
The average annual rate of change of the food sub-index for the twelve-month period
ending March 2022 over the previous twelve-month average was 19.21 per cent, 0.48 per cent points decrease from the average
annual rate of change recorded in February 2022 (19.69 per cent)” NBS, said.
