Annual inflation in Nigeria increased to 22.04% in March from 21.91% the previous month, according to the National Bureau of Statistics on Saturday.
Inflation has remained high in Africa’s biggest economy, eroding savings and earnings and pushing the central bank to raise interest rates to their highest level in nearly two decades.
Food inflation increased to 24.45% in March from 24.35% in February, accounting for the majority of Nigeria’s inflation basket.
High inflation, slow economic development, and pervasive insecurity are among the primary concerns that will face President-elect Bola Tinubu, who will be sworn in in May after a contested election in February.
The central bank raised its benchmark lending rate by 50 basis points to 18% last month, citing continuing inflation pressures and a falling naira.
Headline Inflation for March 2023 was 22.04%, from 21.91% in February 2023.
Food Inflation was 24.45% in March 2023 from 24.35% in February 2023.
Urban inflation was 23.07%. Rural Inflation was 21.09%.
Read the full CPI report for March 2023 here: https://t.co/uhCUyeRrUB pic.twitter.com/LSmCBvfy7M— NBS Nigeria (@NBS_Nigeria) April 15, 2023
