Other categories include furniture, domestic equipment, and maintenance (1.11%), transportation (1.43%), apparel and footwear (.69%), education (.87%), and health (.66%). Other goods and services at 0.37 percent; restaurants and lodging at 0.27 percent; booze, tobacco, and kola at 0.24 percent; leisure and culture at 0.15 percent; and communication at 0.15 percent.
It stated that in March 2023, the All-Items Index changed by a percentage of 1.86 monthly.The average CPI for the 12 months ending in March 2023 differed by 20.37 percent from the average CPI for the 12 months prior to that. Compared to the 16.54 percent reported in March 2022, this is a 3.83 percent growth.
According to the report, growth was seen across all COICOP (Classification of Individual Consumption by Purpose) divisions that contributed to the headline index. According to the research, the annual rate of food inflation in March 2023 was 24.45%, which was 7.25% higher than the rate of 17.20% recorded in March 2022. According to the report, the monthly food inflation rate in March was 2.07% percent, up 0.16 percent from the rate of 1.90 percent in February 2023.
The study stated that on a year-over-year basis, “All items less farm produce” or Core inflation, which excludes the cost of volatile agricultural produce, was 19.86% in March 2023. The research states that the prices of petrol, air travel for passengers, liquid fuel, fuels, lubricants for personal transport equipment, and auto parts saw the biggest rises. However, the research stated that on a month-over-month basis, Bayelsa had the highest rate of food inflation in March 2023 at 3.11 percent, followed by Rivers at 3 percent and Ondo at 2.98 percent.
