Nigeria’s Inflation Rate Accelerates To 22.04%

The National Bureau of Statistics (NBS) made it known that Nigeria’s inflation rate accelerated to 22.04% in March 2023.

The percent represents a 13.4 basis points increase compared to the 21.91% recorded in the previous month.

It noted that food inflation was 24.45% in March 2023 from 24.35% in February 2023, while urban inflation was 23.07% and rural inflation was 21.09%.

The Bureau announced that the increase in the food index was driven by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruits, meat, vegetables, and spirits.