Consumer Price Index (CPI), in March 2023, rose to 22.04% from 21.91% the previous month, CPI measures the rate of change in the prices of goods and services. The latest CPI report published by the National Bureau of Statistics (NBS) on Saturday contains inflation figures.
The March inflation increase is the third billow in a row since the beginning of the year.
The CPI report from NBS reads-
“In March 2023, the headline inflation rate rose to 22.04% compared to February 2023 headline inflation rate which was 21.91%.
“Looking at the trend, the March 2023 inflation rate showed an increase of 0.13% points when compared to February 2023 headline inflation rate. On a year-on-year basis, the headline inflation rate was 6.13% points higher compared to the rate recorded in March 2022 which was 15.92%.
“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).
“The contributions of items on the divisional level to the increase in the headline index are food & non-alcoholic beverages (11.42%); housing, water, electricity, gas & other fuel (3.69%); clothing & footwear (1.69%); transport (1.43%); furnishings, household equipment & maintenance (1.11%); education (0.87%); health (0.66%); miscellaneous goods & services (0.37%); restaurant & hotels (0.27%); alcoholic beverage, tobacco & kola (0.24%); recreation & culture (0.15%) and communication (0.15%)”.
cc: Vanguard Ng
