Inflation rate increases to 15.92% in March, says NBS

The National Bureau of Statistics (NBS) on Friday disclosed that the Consumer Price Index, (CPI) which measures inflation rate increased to 15.92 per cent on year-on-year basis.

According to the bureau, the increase is 2.25 per cent points lower compared to 18.17 per cent, the rate recorded in March 2021.

The report explained that the headline inflation rate slowed down in March 2022 when compared to the same month in the previous year.

NBS said: “On month-on-month basis, the Headline Index increased to 1.74 per cent in March 2022, this is 0.11 per cent points higher than the rate recorded in February 2022 (1.63 per cent).

“The percentage change in the average composite CPI for the 12 months period ending March 2022 over the average previous twelve months period is 16.54 percent, this shows 0.19 percent points decrease compare to 16.73 per cent 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 per cent 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 In[dex rose to 1.73 percent in March 2022, with 0.12 percent point increase from 1.61 percent recorded in February 2022.”