By John Ikani
The Consumer Price Index (CPI) which measures the rate of increase in the price of goods and services, climbed to 15.92% in March 2022, amid rising energy and food prices.
The National Bureau of Statistics (NBS) said this in its CPI report for February 2022, released on Friday.
The figure represents the highest rate recorded since October 2021 — and 0.22 percent points higher than the 15.7 percent recorded in the previous month (February 2022).
The NBS attributed the marginal increase to surge in global energy prices which has lingered all through the months of February and March as a result of the increased price of diesel as a result of scarcity emanating from ongoing crisis between Russia and Ukraine.
Headline inflation increased by about 0.22 percent higher than the 15.70 percent witnessed in February inflation report.
Food inflation increased to 17.20% in February as against 17.11% the previous month.
The rise in food index was caused by increases in prices of bread and cereals, food products n.e.c., potatoes, yam and other tubers, oils and fats.
The core inflation rate dropped to 13.91 percent in March from 14.01 percent recorded in February 2022. The rise in the core index was attributed to the increase in the prices of gas, garments, cleaning, repair and hire of clothing, shoes and other footwear.
Other items, which recorded significant price increases, include clothing materials, other articles of clothing and clothing accessories, liquid fuel, fuels and lubricants for personal transport equipment and other services in respect of personal transport equipment.