Nigeria’s annual inflation rate rose for the seventh consecutive months to 12.26 percent in March, the highest in 23 months from 12.2 percent in February.
The Nigeria Bureau of Statistics disclosed this today in its Consumer Price Index Report for March 2020. The inflation rate has been on the rising trend, from 11 percent in September last year, largely driven by the effect of the border closure.
The NBS stated: “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 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 focusses on.
“The corresponding twelve-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.”