Higher food prices drive inflation to 15.9 percent, highest in 5 months.
Written by News Room on April 16, 2022
The Consumer Price Index (CPI) which measures inflation increased to 15.92 per cent (Year on year) in March 2022 compared to 18.17 per cent in March 2021, the National Bureau of Statistics (NBS) said on Friday.
This is the highest level inflation had attained since October 2021, when it was recorded at 15.99 per cent before dropping to 15.40 per cent in November, 15.63 per cent in December, 15.60 per cent in January and 15.70 per cent February.
Month on month, the headline index increased by 0.11 per cent to 1.74 per cent in March compared to 1.63 per cent in February.
According to the CPI figures for March, this implied that on annual comparison, the headline index slowed down in March 2022 when compared to the same month in the previous year. Nonetheless, the food sub-index increased to 1.99 per cent in March, up by 0.12 per cent from 1.87 per cent in February.
According to the statistical agency, food inflation was highest in Anambra with 3.78 per cent, followed by Niger with 3.60 per cent and Zamfara 3.31 per cent in the month under review. On the other hand, Oyo recorded the slowest rise on with -0.19 per cent followed by Jigawa and Ekiti with -0.10 per cent and 0.41 per cent respectively.
However, countrywide, the rise in the food index was caused by increases in prices of bread and cereals, food product, potatoes, yam and other tuber, fish, meat, oils and fats.