The National Bureau of Statistics recently reported that Nigeria’s inflation rate reached a new high of 22.04% in March 2023. This is a significant increase of 13.4 basis points when compared to the inflation rate recorded in the previous month, which was 21.91%.
The Bureau’s report further highlighted that the food inflation rate also increased to 24.45% in March 2023, compared to 24.35% in February 2023. Urban inflation was recorded at 23.07%, while rural inflation was 21.09%.
The rise in the food index was primarily driven by an increase in the prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruits, meat, vegetables, and spirits, according to the Bureau.
This has resulted in a significant impact on the Nigerian economy, with many Nigerians struggling to afford necessities due to the high inflation rate.