Nigeria Inflation Accelerated to 15.92% in March

Nigeria Inflation Accelerated to 15.92% in March

By Benjamin Orisemeke

Nigeria’s annual inflation increased to 15.92 percent in March as higher food and fuel costs impacted prices, according to the National Bureau of Statistics.

Increases were recorded in all the index segments that make up the consumer price index, the agency said in a statement published on its website on Thursday.

The composite food index, a key driver of price increases, rose to 17.20 percent in March from 17.11 percent in February. Fuel shortages that lingered for most of February and March also spurred higher prices as people paid for transportation.

The latest inflation numbers are the highest since October 2021. Apart from local factors, analysts blame the current war in Ukraine for being a source of additional inflationary pressures for Nigeria