Food,Gas prices Rise as Nigeria’s Inflation Rate Hits 15.92%

Food,Gas prices Rise as
Nigeria’s Inflation Rate Hits 15.92%

The National Bureau of Statistics (NBS) has disclosed   in its latest report that the Consumer Price Index (CPI) which measures inflation increased to 15.92 per cent on a year-on-year basis in March 2022

THECONSCIENCENG reports that It explained that the percentage reported was 2.25 per cent points lower compared to the 18.17 per cent rate recorded in March last year.

Similarly, the composite food index rose to 17.20 per cent in March 2022 compared to 22.95 per cent recorded in March the previous year.

The agency blamed the rise in the food index on increases in prices of bread and cereals, food products, potatoes, yam and other tubers, fish, meat, oil and fat.

“On month-on-month basis, the food sub-index increased to 1.99 per cent in March 2022 – this was up by 0.12 per cent points from 1.87 per cent points recorded in February 2022.

“The average annual rate of change of the Food sub-index for the 12-month period ending March 2022 over the previous 12-month average was 19.21 per cent, 0.48 per cent points decrease from the average annual rate of change recorded in February 2022 (19.69 per cent).”

On the ‘all items less farm produce’ or core inflation, which excludes the prices of volatile agricultural produce, NBS said 13.91 per cent was recorded in March 2022, up by 1.24 per cent points when compared to the 12.67 per cent recorded in March 2021.

The highest increases were recorded in prices of gas, garments, cleaning, repair and hire of clothing, shoes and other footwears, 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.