The National Bureau of Statistics has reported that Nigeria’s inflation rate surged to 22.04% in March, continuing a three-month trend of increase following a brief decline in December 2022.
The leading contributor to this rise was food and non-alcoholic beverages, accounting for 11.42% of the inflation rate. Year-on-year, March 2023’s inflation rate was 6.13 percentage points higher than March 2022’s rate of 15.92%.
In urban areas, the inflation rate was 23.07%, while in rural areas it was 21.09%. Food inflation also rose from 24.35% in February to 24.45% in March, highlighting the persistent upward trend in food costs impacting overall inflation in Nigeria.