Nigeria’s inflation rises to 12.26%

Inflation rate dips 0.09% in July – NBS
Illustrative picture. PHOTO: SHIPS & PORTS archive

 

Inflation rate in Nigeria rose to 12.26 percent in March from the 12.20 percent recorded in February 2020.

The consumer price index (CPI), which measures inflation, released on Tuesday by the National Bureau of Statistics (NBS) showed that it is 0.06 percent points higher than the rate recorded in previous month.

According to NBS, “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.”

On month-on-month basis, the headline index increased by 0.84 percent in March 2020, 0.05 percent higher than the 0.79 percent recorded in February 2020.