*The National Bureau of Statistics says consumer prices rose 15.9 percent March 2022 with increased prices of food and gasoline driving inflation in the West African country

Isola Moses | ConsumerConnect

The National Bureau of Statistics (NBS) has said the Nigerian inflation quickened March 2022 to its highest in five months on rising food prices, fuel shortages and supply shocks caused by the ongoing Russia-Ukraine war.

ConsumerConnect reports the regulatory agency, in a recent data published on its corporate Web site, said consumer prices rose 15.9 percent from a year earlier, compared with 15.7 percent February 2022.

Foodstuffs

That narrowly exceeded the median estimate of 15.8 percent from 10 economists in a Bloomberg survey.

The headline number has now topped the ceiling of the central bank’s 6% to 9% target band for almost seven years.

Still, it’s unlikely to persuade rate-setters to increase interest rates May 24, stated the NBS.

Mr. Godwin Emefiele, Governor of CBN, reiterated since 2021, that the Bankers’ Bank would only make policy adjustments once the economy’s recovery is on a sustainable path.

However, choked supply chains, partly due to Russia’s invasion of Ukraine, and an almost 100 percent increase in gasoline prices this year, are placing upward price pressures on Africa’s largest economy, it noted.

They are also hindering its recovery, as are security challenges in its northern regions and persistent oil production troubles.

Recall the West African country recently lowered its revenue targets and widened its budget deficit forecasts.

An index measuring business sentiment declined to 54.1 March from 57.3 the previous month, according to a survey of purchasing managers by S&P Global and Stanbic IBTC Bank, Bloomberg report stated.

Food-price growth accelerated to 17.2% from 17.1% and core inflation decelerated to 13.9%, compared with 14% a month prior. Prices climbed 1.74% over the previous month.