Nigeria’s inflation rate rose to 12.26 per cent in March 2020 from 12.20 per cent in February and 12.3 per cent and January 2020, maintaining a consistent rise for eight months
This is according to the latest report by the National Bureau of Statistics.
Explaining the figures, the Bureau stated, “The consumer price index (CPI) measures inflation increased by 12.26 per cent (year-on-year) in March 2020. This is 0.06 per cent points higher than the rate recorded in February 2020 (12.20 per cent).”
According to the report, the lockdown in Abuja, Lagos and Ogun States and various major disruptions in normal economic activity in several states would not have any major impact on March 2020 inflation.
“The corresponding 12-month year-on-year average percentage change for the urban index was 12.15 per cent in March 2020 (this is higher than 12.03 per cent reported in February 2020), while the corresponding rural inflation rate in March 2020 was 11.14 per cent, compared to 11.09 per cent recorded in February 2020.”
