Nigeria's overall inflation rate has remained above 21%, mainly driven by food inflation since December 2022. The information is taken from a press release issued on Saturday, April 15, 2023 by the Nigerian Bureau of Statistics (NBS

Nigeria's overall inflation rate in March 2023 increased by 0.13% compared to February 2023, from 21.91% to 22.04%. According to the Nigerian Bureau of Statistics (NBS), this rate is explained by “food inflation, which increased from 1.90% in February 2023 to 2.07%, an increase of 0.16%. While core inflation stood at 1.84% in March 2023 compared with 1.06% in February 2023, an increase of 0.78%.” The West African country has recorded almost stability in its inflation rate, which has been above 21% since December 2022. The Central Bank raised its policy rate by 50 basis points last March, bringing it to 18%. According to the World Bank, Nigeria's economy is expected to grow by an average of 2.9% per year between 2023 and 2025, driven by services, trade, and manufacturing