Nigeria's Inflation Rises to 15.38% Amid Global Pressures

The National Bureau of Statistics (NBS) reported that Nigeria's inflation rate increased to 15.38% in March 2023, up from 15.06% in February, marking the first rise in 13 consecutive months. This rebound is attributed to global economic pressures, particularly the ongoing conflict in the Middle East, which has led to higher energy prices.

Dr. Muda Yusuf, Chief Executive of the Centre for the Promotion of Private Enterprise (CPPE), expressed concerns about the resurgence of inflationary pressures, especially on a month-to-month basis.

The report indicated that food inflation stood at 14.31% year-on-year, while the month-on-month food index increased by 4.17%. Urban inflation was recorded at 14.64%, and rural inflation at 17.22%.

The highest year-on-year inflation rates were noted in Bayelsa (27.37%) and Sokoto (26.03%), while Zamfara recorded the highest month-on-month price increase at 10.77%. Yusuf emphasized the need for urgent policy responses to address supply-side drivers of inflation.