By Adedapo Adesanya

Inflation in Nigeria rose to 12.26 percent in March 2020, the Nigeria Bureau of Statistics (NBS) disclosed on Tuesday.

In its Consumer Price Index (CPI) Report for March 2020 released today, the agency said inflation increased marginally by 0.06 percent from 12.2 percent recorded in February 2020, the seventh consecutive rise.

This is also the highest inflation rate the country has recorded in 23 months.

According to the NBS, “The consumer price index, (CPI) which measures inflation increased by 12.26 percent (year-on-year) in March 2020. This is 0.06 percent points higher than the rate recorded in February 2020 (12.20) percent.”

The stats office noted that the lockdown implemented by the federal government on Sunday, March 29 in Lagos, Ogun and Abuja did not influence the rise recorded last month.

“The lockdown 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 focusses on,” the report said.

Nigeria’s inflation rate has been on the rise since September 2019 from around 11 percent. This is largely due to the border closure put in place by the President Muhammadu Buhari led administration in August last year.

Also in the report, the NBS further noted that, “The corresponding 12-month year-on-year average percentage change for the urban index was 12.15 percent in March 2020 (this is higher than 12.03 percent reported in February 2020), while the corresponding rural inflation rate in March 2020 was 11.14 percent compared to 11.09 percent recorded in February 2020.”

Meanwhile, the agency said the composite food index increased in March 2020 by 14.98 percent compared with 14.90 percent in February 2020.

It attributed this rise to increases in prices of Bread and Cereals, Fish, Potatoes, Yam and other tubers, Oils and fats, Vegetables, and Fruits.

in addition, the NSE said the urban inflation rate increased by 12.93 percent (year-on-year) in March 2020 from 12.85 percent recorded in February 2020, while the rural inflation rate increased by 11.64 percent in March 2020 from 11.61 percent in February 2020.

https://businesspost.ng/economy/nigerias-inflation-hits-23-month-high-of-12-26-in-march/