SAT 16 APRIL, 2022-theGBJournal | Latest inflation figures published by the National Bureau of Statistics (NBS) shows that Nigeria’s inflation rose to 15.92 percent on year-on-year basis in March 2022, 2.25 percent points lower when compared to 18.17% 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.
However, on month-on-month basis, the Headline Index spiked to 1.74 percent in March 2022, this is 0.11 percent points higher than the rate recorded in February 2022 (1.63 percent).
According to the NBS, 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 percent, this shows 0.19 % decrease compared to 16.73 percent recorded in February 2022.
The Urban Inflation rate increased to 16.44 percent year-on-year in March 2022 showing a decline of 2.32 percent points from the rate recorded in March 2021 (18.76 percent). In the same vein, the Rural Inflation increased to 15.42 percent in March 2022 with a decrease of 2.18 percent points from 17.60 percent recorded in March 2021.
On a month-on-month basis, the Urban Index rose to 1.76 percent in March 2022, this was up by 0.11 percent points from the rate recorded in February 2022 (1.65 percent). The Rural Index rose to 1.73 percent in March 2022, with 0.12 percent point increase from 1.61 percent recorded in February 2022.
The corresponding twelve-month year-on-year average percentage change for the urban index was 17.10 percent in March 2022. This was lower than 17.29 percent reported in February 2022, while the corresponding rural inflation rate in March 2022 stood at 16.00 percent compared to 16.18 percent recorded in February 2022.
The composite food index rose to 17.20 percent in March, 2022 compared to 22.95 percent recorded in March, 2021. This rise in the food index was caused by increases in prices of Bread and cereals, Food product n.e.c, Potatoes, yam and other tuber, Fish, Meat, Oils and fats.
On month-on-month basis, the food sub-index increased to 1.99 percent in March 2022, this was up by 0.12 percent points from 1.87 percent 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 percent, 0.48 percent points decrease from the average annual rate of change recorded in February 2022 (19.69 percent).
Core inflation, which excludes the prices of volatile agricultural produce stood at 13.91 percent in March 2022, was up by 1.24 percent points when compared to 12.67 percent recorded in March 2021.
On month-on-month basis, the core sub-index increased to 0.98 percent in March 2022. This was down by 0.35 percent points compared to 1.33 percent recorded in February 2021.
The highest increases were recorded in prices of Gas, Garments, Cleaning, repair and hire of clothing, Shoes and other foot wear, Clothing materials, other articles of clothing and clothing accessories, Liquid Fuel, Fuels and lubricants for personal transport equipment and other services in respect of personal transport equipment.
The average 12-month annual rate of change of the core sub-index was 13.56 percent for the twelve-month period ending March 2022; this was 0.10 percent points higher than 13.46 percent recorded in February 2022.
In March 2022, All Items Inflation on year-on-year basis was highest in Cross River (18.42%) followed by Kogi with 18.18% and Gombe with 18.09%, while Kwara recorded the slowest rise with 14.03% followed by Osun (14.14%) and Ogun (14.22%).
On month-on-month basis, all items inflation in March 2022, recorded the highest increases in Niger (3.41%), this was followed by Benue with 2.88% and Zamfara with 2.87%, while Oyo recorded the slowest rise on month-on-month basis with 0.30%, this was followed by Abuja with 0.37% and Jigawa (0.50%).
In March 2022, Food Inflation on year-on-year basis was highest in Kogi with 22.21% followed by Cross River recording 19.86% and Kwara (19.53%), while Sokoto recorded the slowest rise in year-on-year food inflation with 14.04% followed by Kaduna and Rivers with 14.66% and 14.81% respectively.
On month-on-month basis food inflation in March 2022 was highest in Anambra with 3.78%, followed by Niger with 3.60% and Zamfara with 3.31%, while Oyo recorded the slowest rise on month-on-month inflation with -0.19% followed by Jigawa and Ekiti with -0.10% and 0.41% respectively.
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