Ondo, Bayelsa, and Lagos states recorded the highest rate of inflation in March 2023. This was according to the latest National Bureau of Statistics data on inflation across the country, which was released on Saturday.
According to NBS, Nigeria’s headline inflation rate for March 2023 rose to 22.04 percent compared to February 2023 headline inflation rate which was 21.91 percent. This showed an increase of 0.13 percent points when compared to February 2023 headline inflation rate.
At the subnational level, “The inflation rate on a year-on-year basis was highest in Ondo (25.38 percent), Bayelsa (24.80 percent), Lagos (24.66 percent).”
On the flip side, Borno, Cross River/Sokoto, and Benue states recorded relatively lowest headline inflation on a year-on-year basis, recording 19.18 percent, 19.24 percent, and 20.01 respectively.
On a month-on-month basis, March 2023 recorded the highest increases in Bayelsa State (2.58 percent), Nasarawa State (2.54 percent), Lagos State (2.41 percent), while Anambra State (1.03 percent), Ebonyi (1.14 percent) and Zamfara (1.27 percent) recorded the slowest rises on month-on-month inflation.
For food inflation on a year-on-year basis, Kwara State was highest with 28.84 percent, Ondo State followed at 28.22 percent and Lagos State was in the third spot with 27.92 percent. States with the slowest rise in food inflation include Sokoto State, with 18.99 percent; Zamfara State, with 20.75 percent and Plateau State with 21.83 percent.
At the national level, the food inflation rate in March 2023 was 24.45 percent on a year-on-year basis; which was 7.25 percent points higher compared to the rate recorded in March 2022 (17.20 percent).
The NBS said that 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.
Some experts had projected a decline in the inflation rate for March, hinging their projection on exchange rate appreciation, base effects, and reduction in transportation costs.