Nigeria Records Highest Inflation Rate In Almost Two Years

Nigeria Records Highest Inflation Rate In Almost Two Years

Nigeria’s inflation rate in March 2020 increased marginally by 0.06% more than the 12.20% rate recorded in February.

The National Bureau of Statistics (NBS) released this in its report which was made known on Tuesday.

According to the report released after a few days’ delay, the numbers increased marginally by 0.06% to put the Consumer Price Index at 12.26% (year on year) in March, the highest since April 2018.

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Likewise, the compound feed index rose to 14.98%, largely driven by an increase in basic food prices.

The “All items except agricultural products”, also known as core inflation, which excludes the prices of volatile agricultural products, stood at 9.73% in March 2020.

This represents an increase of 0.3% when compared to the 9.43% recorded in February 2020.

Source: NBS

The urban inflation rate also rose to 12.93%, while the rural inflation rate rose to 11.64%, compared to the previous year.

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In collecting the data, NBS observed the lockdown ordered by President Muhammadu Buhari in Abuja, Lagos and Ogun, to contain the spread of the coronavirus in the country.

He also noted the various disruptions to normal economic activity in several other states that started in April, but said they had no major impact on March 2020 inflation, on which the report focused.

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“The average annual percentage change corresponding to the urban index in twelve months was 12.15% in March 2020 (higher than 12.03% in February 2020), while the corresponding rural inflation in March 2020 was 11.14 percent compared to 11.09 percent recorded in February 2020, ”said the report.

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