Nigeria’s headline inflation rate has increased to 22.04 per cent on a year-on-year basis in March 2023.
The National Bureau of Statistics, made this known in its Consumer Price Index, CPI and Inflation Report for March 2023 in Abuja.
According to the report, the figure is 0.13 percent points higher compared to the 21.91 percent recorded in February 2023.
It explained that on a year-on-year basis, the headline inflation rate in March 2023 was 6.13 percent higher than the rate recorded in March 2022 at 15.92 percent.
The report said the contributions of items on the divisional level to the increase in the Headline Index are food and non-alcoholic beverages, at 11.42 percent and housing, water, electricity, gas and other fuel at 3.69 percent.
Others are clothing and footwear at 0.69 percent; transport at 1.43 percent; furnishings, household equipment and maintenance at 1.11 percent and education at 0.87 percent and health at 0.66 percent.
