From Isaac Anumihe, Abuja
National Bureau of Statistics (NBS), yesterday, said that the headline inflation in March 2023 rose to 22.04 per cent from the February rate of 21.91 per cent.
Looking at the trend, the March 2023 inflation rate showed an increase of 0.13 per cent points when compared to February 2023 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 6.13 per cent points higher compared to the rate recorded in March 2022 which was 15.92 per cent.
“This shows that the headline inflation rate (year-on-year basis) increased in March 2023 when compared to the same month in the pre ceding year (i.e., March 2022). The contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages (11.42 per cent); housing, water, electricity, gas and other fuel (3.69 per cent); clothing and footwear (1.69 per cent); transport (1.43 per cent); furnishings, household equipment and maintenance (1.11 per cent ); education (0.87 per cent); health (0.66 per cent); miscellaneous goods and services (0.37 per cent); restaurant and hotels (0.27 per cent); alcoholic beverage, tobacco and kola (0.24 per cent); recreation and culture (0.15 per cent) and communication (0.15 per cent).
“However, on a month-on-month basis, the All-Items Index in March 2023 was 1.86 per cent, which
was 0.15 per cent points higher than the rate recorded in February 2023 (1.71 per cent). This means that in March 2023, on average, the general price level was 0.15 per cent higher relative to February 2023.
The percentage change in the average CPI for the twelve months period ending March 2023
over the average of the CPI for the previous twelve months period was 20.37 per cent, showing a
3.83 per cent increase compared to 16.54 per cent recorded in March 2022.
“On a year-on-year basis, in March 2023, the urban inflation rate was 23.07 per cent. This was 6.63 per cent points higher compared to the 16.44 per cent recorded in March 2022. On a month-on-month basis, the urban inflation rate was 2.00 per cent in March 2023. This was 0.15 per cent points higher compared to February 2023 (1.85 per cent). The corresponding twelve months average for the urban inflation rate
was 21.00 per cent in March 2023. This was 3.90 per cent points higher compared to the 17.10 per cent reported in March 2022.
“The rural inflation rate in March 2023 was 21.09 per cent on a year-on-year basis; this was 5.67 per cent
points higher compared to the 15.42 per cent recorded in March 2022. On a month-on-month basis,
the rural inflation rate in March 2023 was 1.72 per cent, up by 0.14 per cent points compared to February
2023 (1.58 per cent). The corresponding twelve months average for the rural inflation rate in March 2023 was 19.79 per cent. This was 3.79 per cent points higher compared to the 16.00 per cent recorded in March” NBS said.