March inflation data shows a 0.13% increase from the 21.91% recorded in February 2023.
Nigeria’s inflation rate rose to 22.04% in March 2023, from the 21.91% recorded in February 2023, according to the Consumer Price Index published by the National Bureau of Statistics (NBS) on Saturday.
The country’s inflation rate has now risen three times in a row since the beginning of this year.
March inflation data shows a 0.13% increase from the 21.91% recorded in February 2023.
Year on year, the country’s inflation rate increased by 6.13% from 15.92% in March 2022.
“On a month-on-month basis, the all-items index in March 2023 was 1.86%, which was 0.15% points higher than the rate recorded in February 2023 (1.71%),” the report added.
The NBS statistics also showed that the rate of food inflation in March increased to 2.07%, 0.16% more than the 1.90% reported in February.
The central bank is likely to continue tightening monetary policy, focused on draining money out of the economy, with the inflation rate already at 22.04%.
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