Nigeria Inflation Deepens as Prices of Bread, Gas, Fuel, Others Rise

Nigeria Inflation Deepens as Prices of Bread, Gas, Fuel, Others Rise

  • The harsh economic reality is taking a huge toll on virtually all goods in market across the country
  • This is as the National Bureau of Statistics explained in detail the goods which triggered the inflation rate in the country in March
  • From the statistics, it was discovered that the hike in price of bread, fuel, gas and other major products has impacted the economy to a large extent

The inflation figure increased by 15.92 In March 2022, a report released by the National Bureau of Statistics (NBS) has shown.

The report stated that the increase was due to an increase in the prices of gas, bread, cereals, liquid fuel and other food products.

It said the consumer price index, (CPI) increased on a month-on-month basis by 0.22 points from the 15.70 recorded in February, Daily Trust reports.

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Inflation, National Bureau of Statistics (NBS)
The Buhari-Osinbajo-led administration earlier promised to crash food prices yet, it keeps rising on a daily basis. Photo credit: Buhari Sallau
Source: Facebook

Also, the Headline Index increased to 1.74 percent in March 2022, a 0.11 percent points higher than the rate recorded in February 2022 (1.63 percent).

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However, on a year-on-year basis, the figure was lowered from 18.17 percent rate recorded in March 2021.

The report

“This means that the headline inflation rate slowed down in March 2022 when compared to the same month in the previous year.”

Urban inflation

The report said the Urban Inflation rate increased to 16.44 percent year-on-year 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.”

Urban index

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).

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Rural index

The Rural Index rose to 1.73 percent in March 2022, with a 0.12 percent point increase from 1.61 percent recorded in February 2022.

Also, the composite food index rose to 17.20 percent in March 2022 compared to 22.95 percent recorded in March 2021.

“This rise in the food index was caused by increases in prices of bread and cereals, food products like, potatoes, yam and other tuber, fish, meat, oils and fats.”

Fuel scarcity, total blackout, ASUU strike: 8 celebs who have complained bitterly about state the nation

Some Nigerian celebrities have lent their voices to that cries of hardship as we all look forward to the ease of running businesses and living normal lives.

In the last few weeks, Nigerians have been subjected to hard life through fuel scarcity, the collapse of the national grid resulting in a national blackout, Academic Staff Union of Universities (ASUU) strike among others.

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We are doing everything possible to crash food prices, Buhari tells Nigerians

Earlier, reports that President Muhammadu Buhari promised to crash food prices.

The president through the minister of agriculture and rural development, Mohammed Abubakar, announced that all hands are on deck to ensure everything is set in bringing up a stimulus package that will crash food prices.

The Minister made this disclosure in Abuja on Monday, November 15, during a familiarization tour of the Agricultural Research Council of Nigeria.

He said President Buhari was concerned about agriculture and was committed to seeing that people had “food to eat every single day to eat without struggles on their tables.”


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