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March Inflation Update

Nigeria and Ghana swing on opposite ends of the pendulum

Nigeria’s inflation rate trends higher (22.04%) as Ghana’s eases to a 5-month low (45%)

Nigeria and Ghana released their inflation rates for the month of March 2023, which showed a mixed trend as Nigeria recorded an uptick while Ghana’s inflation rate moderated further.

Nigeria’s inflation rate rose for the third consecutive month to 22.04% in March 2023 from 21.91% recorded in the previous month. This came against the backdrop of higher domestic energy prices amidst declining global prices, exchange rate pass-through effect, election-related spending, and increased food prices due to the seasonal effect (onset of the planting season).

On the other hand, Ghana recorded a sharp decline in its inflation rate, falling to a five-month low of 45% in March 2023, from 52.8% recorded in February 2023. The moderation in Ghana’s inflation rate was partly attributed to the BoG’s hawkish monetary stance, a stable Ghanaian Cedi as well as declining domestic energy prices.

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