• Monday, July 22, 2024
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BusinessDay

Nigeria’s inflation rate rises for third straight month

Endless pit of financial distress amongst Nigerians

Nigeria’s annual inflation rate rose for the third straight month to 22.04 percent in March from 21.91 percent in the previous month, according to the latest inflation report released on Saturday.

The report published by the National Bureau Statistics (NBS) said the food inflation rate quickened to 24.46 percent in March from 24.35 percent in the previous month.

“On a year-on-year basis, the headline inflation rate was 6.13 percent points higher compared to the rate recorded in March 2022 which was 15.92 percent,” it said.

Read also: Naira gains as election dollars circulate

According to the NBS, the contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages (11.42 percent); housing, water, electricity, gas and other fuel (3.69 percent); clothing and footwear (1.69 percent); transport (1.43 percent); and furnishings, household equipment and maintenance (1.11.percent).

Others are education (0.87 percent); health (0.66.percent); miscellaneous goods and services (0.37 percent); restaurant and hotels (0.27 percent); alcoholic beverage, tobacco and kola (0.24.percent); recreation and culture (0.15 percent) and communication (0.15 percent).