The cost of living in Nigeria continued to increase in March, with inflation reaching its highest level in over a decade, largely due to high food prices.
– Key points to note
The National Bureau of Statistics reported Saturday that inflation rose to 22.04% in the year to March, from 21.91% in February.
To track inflation, the National Bureau of Statistics monitors the prices of hundreds of everyday items, measuring how their prices change over time.
Food makes the bulk of that basket, followed by housing water, electricity, gas and other fuel, and clothing and footwear. In March, food inflation rose to 24.45% compared to 24.35% in February.
“The rise in food inflation on- year on year basis was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruits, meat, vegetables, and spirits,” NBS said.
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Nigeria’s inflation rate has been steadily increasing in the last three months, after a prolonged rise that only dipped momentarily in December, eroding incomes and savings. Last month, the Central Bank of Nigeria raised interest rates to by 50 basis points to 18%, the highest level in almost 20 years.
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