Food Prices Increase As Inflation Hits 22.04%


Food Prices Increase As Inflation Hits 22.04%

The National Bureau of Statistics (NBS) said on Saturday that rising food prices was triggered by Nigeria’s annual inflation rate to increase for the third consecutive month, to 22.04 percent in March from 21.91 percent the month before.

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According to the statistics office, the headline inflation rate for March 2023 increased by 0.13 percentage points from February 2023.

The statistics office’s most recent data on inflation shows that the rate for food increased from 24.35 percent in February to 24.46 percent in March.

The biggest economy in Africa has continued to experience excessive inflation, causing the central bank to raise interest rates to their highest level in almost two decades.

Elevated inflation rates, slow economic growth and high unemployment rate are on the radar as a new president prepares to assume power in May.

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