By Aduragbemi Omiyale
An increase in the prices of bread, fish, meat and other food items in Nigeria triggered a 15.92 per cent rise in the inflation rate in the month of March 2022, the National Bureau of Statistics (NBS) said.
The agency said in its latest report that the composite food index rose to 17.20 per cent in the month under consideration compared to the 22.95 per cent recorded in the corresponding month of 2021.
On a month-on-month basis, the food sub-index increased to 1.99 per cent last month, higher by 0.12 per cent when compared with the 1.87 per cent achieved in the preceding month, February 2022.
The stats office said 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 lower than the average annual rate of change recorded in February 2022, which stood at 19.69 per cent.
According to the NBS, the 15.92 per cent increase in the inflation rate in March 2022 was 2.25 per cent lower than the 18.17 per cent reported in March 2021 but higher than the 15.70 per cent printed in February 2022.
The percentage change in the average composite consumer price index (CPI), which measures inflation, for the 12 months period ending March 2022 over the average previous 12 months period was 16.54 per cent, 0.19 per cent lower than the 16.73 per cent recorded in February 2022.
The agency also said in the month under review, the urban inflation rate increased to 16.44 per cent year-on-year in March 2022 in contrast to the 18.76 per cent posted in March 2021, while the rural inflation increased by 15.42 per cent in March 2022 compared with the 17.60 per cent recorded in March 2021.
On a month-on-month basis, the urban index rose to 1.76 per cent in March 2022, higher by 0.11 per cent from the 1.65 per cent recorded in February 2022, while the rural index rose by 1.73 per cent versus the 1.61 per cent a month earlier.
