Nigeria Inflation March 2022


Nigeria: Inflation inches up in March

April 19, 2022

Consumer prices rose 1.74% in March, up from February’s 1.63%. The uptick was driven by stronger price increases across the board, with food and non-alcoholic beverages leading the way.

Inflation in March inched up to 15.9% from February’s 15.7%. Annual average inflation eased to 16.6% in March from 16.8% in February. Lastly, core inflation, which excludes volatile agricultural produce, came in at 13.9% in March, matching February’s result.

FocusEconomics Consensus Forecast panelists expect inflation to average 13.6% in 2022, which is unchanged from last month’s forecast. In 2023, inflation is seen averaging 11.8%.


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Nigeria Inflation Chart

Nigeria Inflation March 2022

Note: Month-on-month and year-on-year changes of consumer price index in %.
Source: National Bureau of Statistics (NBS) and FocusEconomics calculations.

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