Moderation in Food Prices Slows Inflation to 15.92%

James Emejo in Abuja

The Consumer Price Index (CPI) which measures inflation moderated to 15.92 per cent year-on-year in March 2022 compared to 18.17 per cent in March 2021.

This implies that the headline index slowed down in March when compared to the same month in the previous year.
However, month-on-month,  inflation rose by 0.11 per cent to 1.74 per cent in the month under review compared to 1.63 per cent in February.

According to the CPI figures for March,  released Friday, composite food index moderated to 17.20 per cent in March compared to 22.95 per cent recorded in March, 2021.

The rise in the food index was caused by increases in prices of bread and cereals, food product,  potatoes, yam and other tuber, fish, meat, oils and fats.

Month-on-month,  the food sub-index increased to 1.99 percent in March, up by 0.12 per cent from 1.87 per cent in February.

The average annual rate of change of the food sub-index for the 12-month period ending March 2022 over the previous 12-month average was 19.21 per cent or 0.48 per­ cent decrease from the 19.69 per cent recorded in February.

Core inflation, which excludes the prices of volatile ag­ricultural produce rose to 13.91 per cent in March 2022, up by 1.24 per cent when compared to 12.67 per cent in March the previous year.

Monthly,  the core sub-index stood at 0.98 per cent in March,  down by 0.35 per cent compared to 1.33 per cent in February. 

The highest increases were recorded in prices of gas, garments, cleaning, repair and hire of clothing, shoes and other foot wear, 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.

According to the NBS,  the average 12-month annual rate of change of the core sub-index was 13.56 per cent for the 12-month period ending March 2022.
This was 0.10 per cent higher than 13.46 per cent recorded in February.