The National Bureau of Statistics (NBS) at the weekend reported that the nation’s Consumer Price Index (CPI), which measures inflation rate, rose to 15.92 percent in March 2022, representing a 0.22 percent points rise when compared to 15.70 percent recorded in the preceding month.
The latest figures reflected that the headline index slowed down in March when compared to the same month in the previous year.
However, on month-on-month basis, the price level rose by 0.11 per cent to 1.74 per cent in the month under review compared to 1.63 per cent in February.
The CPI report further indicated that the composite food index rose year-on-year (YoY) by 0.09 percent points to 17.20 percent in March 2022 from 17.11 percent in February 2022.
The official statistics coordinating agency attributed the rise in food index to increases in prices of bread and cereals, food product, potatoes, yam and others tuber, fish, meat, oils and fats.
It reported: “In March 2022, the CPI which measures inflation increased to 15.92 percent on YoY basis. This is 2.25 percent points lower compared to 18.17 percent, the rate recorded in March 2021.
“This means that the headline inflation rate slowed down in March 2022 when compared to the same month in the previous year.
“Increases were recorded in all COICOP divisions that yielded the Headline index.
“On month-on-month (MoM) basis, the Headline Index increased to 1.74 percent in March 2022, this is 0.11 percent points higher than the rate recorded in February 2022 (1.63 percent).
“The Urban Inflation rate increased to 16.44 percent YoY in March 2022 showing a decline of 2.32 percent points from the rate recorded in March 2021 (18.76 percent).
“In the same vein, the Rural Inflation increased to 15.42 percent in March 2022 with a decrease of 2.18 percent points from 17.60 percent recorded in March 2021.
“On a month-on-month basis, the Urban Index rose to 1.76 percent in March 2022, this was up by 0.11 percent points from the rate recorded in February 2022 (1.65 percent). “The Rural Index rose to 1.73 percent in March 2022, with 0.12 percent point increase from 1.61 percent recorded in February 2022”, the Bureau added.
The agency further clarified that “On month-on-month basis, the food sub-index increased to 1.99 percent in March 2022, this was up by 0.12 percent points from 1.87 percent points recorded in February 2022.”
Core inflation, which excludes the prices of volatile agricultural produce, rose to 13.91 per cent in the month under review, up by 1.24 per cent when compared to 12.67 per cent in March the previous year.
