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Nigeria’s inflation rate rises to 12.26% in March, highest in 23 months

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NBS says inflation rate jumped to 11.44% in December

Nigeria’s inflation rate hit 12.26% year on year in March, marking the highest point it had attained in 23 months, the National Bureau of Statistics (NBS) said Tuesday morning.

The Consumer Price Index (CPI), which measures inflation, rose by 0.06 percentage points month on month from the 12.20% posted in February 2020.

“The lock down in Abuja, Lagos and Ogun States and various major disruptions in normal economic activity in several States since then, started in April 2020 and accordingly would not have any major impact on March 2020 Inflation which this report focuses on,” the NBS said.

Read also: US oil price plunges to lowest level in 22 years as COVID-19 bites harder

Nigeria’s inflation has been on a steady rise since last September when the figure was 11% following the Nigerian Government’s protectionist policy of border closure.

The food index advanced from 14.90% in February to 14.98% in March. The NBS linked this to “increases in prices of Bread and Cereals, Fish, Potatoes, Yam and other tubers, Oils and fats, Vegetables, and Fruits.”

Core inflation, which includes all items except the prices of volatile agricultural produce, climbed to 9.73% in March, up by 0.3% when compared to the 9.43% posted in February.

The NBS report noted that on month-on-month basis, March 2020 all-items inflation was highest in Bayelsa (1.64%), Bauch (1.63%) and Ondo (1.60%), while Kano (0.21%), Abia (0.17%), recorded the slowest rise with Lagos recording price deflation or negative inflation.

According to the NBS, on month-on-month basis, March 2020 food inflation was highest in Bayelsa (2.36%), Kogi (2.18%) and kebbi (2.17%), while Kano (0.22%), Cross River (0.09%) recorded the slowest rise on month on month inflation with Lagos recorded price deflation or negative inflation.

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