Nigeria’s inflation rate up to 22.04 percent in March

Nigeria’s headline inflation rate rose to 22.04 percent in March from 21.91 percent recorded in the previous month, according to data released Saturday by the government statistics agency.

Nigeria’s consumer price index, a main gauge of inflation, soared about 0.13 percent points when compared to the February headline inflation rate, said the National Bureau of Statistics (NBS).

The headline inflation rate for March was higher compared to the rate recorded in March 2022, which was 15.92 percent, according to the NBS report.

The urban inflation rate rose on a year-on-year basis to 23.07 percent from 16.44 percent recorded in March 2022. On a month-on-month basis, the urban inflation rate also went up to 2 percent in March this year, from 1.85 percent in February.

On a year-on-year basis, the rural inflation rate rose to 21.09 percent in March from 15.42 percent in the same period last year. Enditem