Nigeria’s inflation rises to 12.26 % in March – highest in 23 months

The National Bureau of Statistics (NBS) on Tuesday revealed Nigeria’s annual inflation rate increased for the seventh consecutive months to 12.26 per cent in March.

According to the data released by its Consumer Price Index Report for March 2020, the NBS said this makes it the highest inflation rate in the country in 23 months from the 12.2 per cent recorded in February.

The NBS stated: “The consumer price index, (CPI) which 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.

“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 corresponding twelve-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.”

The development comes against the backdrop of the biting impact of the coronavirus pandemic in on global economy.