Nigeria’s headline inflation rose to 22.04 percent year-on-year in March, the highest rate seen since September 2005.
According to the National Bureau of Statistics, NBS, latest report represents an increase of 0.13 percent when compared to 21.91 percent February 2023 headline inflation rate.
At the subnational level, “The inflation rate on a year-on-year basis was highest in Ondo (25.38 per cent), Bayelsa (24.80 per cent), Lagos (24.66 per cent).”
On the flip side, Borno, Cross River/Sokoto and Benue states recorded relatively lowest headline inflation on a year-on-year basis, recording 19.18 per cent, 19.24 per cent and 20.01 respectively.
On a month-on-month basis, March 2023 recorded the highest increases in Bayelsa State (2.58 per cent), Nasarawa State (2.54 per cent), Lagos State (2.41 per cent), while Anambra State (1.03 per cent), Ebonyi (1.14 per cent) and Zamfara (1.27 per cent) recorded the slowest rises on month-on-month inflation.
For food inflation on a year-on-year basis, Kwara State was highest with 28.84 per cent, Ondo State followed at 28.22 per cent and Lagos State was in the third spot with 27.92 per cent. States with the slowest rise in food inflation include Sokoto State, with 18.99 per cent; Zamfara State, with 20.75 per cent and Plateau State with 21.83 per cent.
At the national level, the food inflation rate in March 2023 was 24.45 per cent on a year-on-year basis; which was 7.25 per cent points higher compared to the rate recorded in March 2022 (17.20 per cent).
The NBS said that the rise in food inflation on- year on year basis was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruits, meat, vegetables, and spirits.
Some experts had projected a decline in the inflation rate for March, hinging their projection on exchange rate appreciation, base effects and reduction in transportation costs.