Nigeria’s inflation rate rose to 22.04 per cent in March 2023, from the 21.91 per cent 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 the year.
March inflation data shows a 0.13 per cent increase from the 21.91 per cent recorded in February 2023.
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Year on year, the country’s inflation rate increased by 6.13 per cent from 15.92 percent in March 2022.
“On a month-on-month basis, the all-items index in March 2023 was 1.86 percent, which was 0.15 per cent points higher than the rate recorded in February 2023 (1.71 percent),” the report added.
The NBS statistics also showed that the rate of food inflation in March increased to 2.07 per cent , 0.16 per cent more than the 1.90 per cent 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 per cent.