BY BAMIDELE FAMOOFO
Cross River State in Nigeria’s South South zone was the costliest place in March 2022 as Nigeria’s inflation figure continues in the north direction, printing 15.92 percent compared with 15.74 percent recorded in February 2022.
Rather than abating, inflation in Africa’s largest economy worsened as it increased by 1.74 percent month on month in March.
The figure however was 2.25 percent points lower compared to 18.17 percent, the rate recorded in March 2021. This means that the headline inflation rate slowed down in March 2022 when compared to the same month in the previous year.
“On a month-on-month basis, the Headline Index increased to 1.74 percent in March 2022, this is 0.11 percent points higher than the rate recorded in February 2022 (1.63 percent),” data released by the National Bureau of Statistics (NBS) at the weekend shows.
The percentage change in the average composite CPI for the twelve months period ending March 2022 over the average previous twelve months period is 16.54 percent, this shows 0.19 percent points decrease compared to 16.73 percent recorded in February 2022.
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.
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). The Rural Index rose to 1.73 percent in March 2022, with 0.12 percent point increase from 1.61 percent recorded in February 2022.
The corresponding twelve-month year-on-year average percentage change for the urban index was 17.10 percent in March 2022. This was lower than 17.29 percent reported in February 2022, while the corresponding rural inflation rate in March 2022 stood at 16.00 percent compared to 16.18 percent recorded in February 2022.
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 product, Potatoes, yam and other tubers, Fish, Meat, Oils and fats.
On a month-on-month basis, the food sub-index increased to 1.99 percent in March 2022, this was up by 0.12 percent points from 1.87 percent points recorded in February 2022.
The average annual rate of change of the Food sub-index for the twelve-month period ending March 2022 over the previous twelve-month average was 19.21 percent, 0.48 percent points decrease from the average annual rate of change recorded in February 2022 (19.69 percent).
“On a month-on-month basis, the food sub-index increased to 1.99 percent in March 2022, this was up by 0.12 percent points from 1.87 percent points recorded in February 2022”
The “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.91 percent in March 2022, was up by 1.24 percent points when compared to 12.67 percent recorded in March 2021.
On a month-on-month basis, the core sub-index increased to 0.98 percent in March 2022. This was down by 0.35 percent points compared to 1.33 percent recorded in February 2021.
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.
The average 12-month annual rate of change of the core sub-index was 13.56 percent for the twelve-month period ending March 2022; this was 0.10 percent points higher than 13.46 percent recorded in February 2022.
All Items Inflation on year-on-year basis was highest in Cross River (18.42%) followed by Kogi with 18.18 percent and Gombe with 18.09 percent, while Kwara recorded the slowest rise with 14.03 percent followed by Osun (14.14%) and Ogun (14.22%).
On month-on-month basis, all items inflation in March 2022, recorded the highest increases in Niger (3.41%), this was followed by Benue with 2.88 percent and Zamfara with 2.87 percent, while Oyo recorded the slowest rise on month-on-month basis with 0.30 percent, this was followed by Abuja with 0.37 percent and Jigawa (0.50%).
Food Inflation on year-on-year basis was highest in Kogi with 22.21 percent followed by Cross River recording 19.86 percent and Kwara (19.53%), while Sokoto recorded the slowest rise in year-on-year food inflation with 14.04 percent followed by Kaduna and Rivers with 14.66 percent and 14.81 percent respectively.
On month-on-month basis food inflation in March 2022 was highest in Anambra with 3.78 percent, followed by Niger with 3.60 percent and Zamfara with 3.31 percent, while Oyo recorded the slowest rise on month-on-month inflation with -0.19 percent followed by Jigawa and Ekiti with -0.10 percent and 0.41 percent respectively.
