Data from the National Bureau of Statistics has shown that Nigeria’s inflation rate increased to 22.04% in March 2023.
Comparing the percent to the 21.91% figure from the previous month, the percentage reflects an increase of 13.4 basis points.
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It was noticed that food prices increased by 24.45% in March 2023 compared to 24.35% in February 2023, while inflation in urban areas increased by 23.07% and in rural areas by 21.09%.
The Bureau revealed that price rises in oil and fat, bread and cereals, potatoes, yams, and other tubers, fish, fruits, meat, vegetables, and spirits were to blame for the rise in the food index.
