Inflation rate in Nigeria hits 22%

The Inflation rate in Nigeria as of March 2023 rises to 22.04%, as reported by the National Bureau of Statistics (NBS).

This marks a 13.4 basis points increase from the previous month’s rate of 21.91%. The Bureau also revealed that food inflation increased from 24.35% in February 2023 to 24.45% in March 2023, with urban inflation at 23.07% and rural inflation at 21.09%.

The rise in the food index was primarily due to price hikes in oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruits, meat, vegetables, and spirits.

This comes towards the end of the Buhari administration as it approaches the May 29th inauguration of the president-elect, Asiwaju Bola Ahmed Tinubu.