Nigeria’s Inflation Rate hits 12.26% -NBS

The National Bureau of Statistics (NBS) said that the nation’s inflation rate has increased from the 12.20 percent recorded in February, 2020 to 12.26 percent in March, 2020.

NBS in its report said, the consumer price index, (CPI) which measures inflation increased by 12.26 percent (year-on-year) in March 2020.

This, the Bureau said, was 0.06 percent points higher than the rate recorded in February 2020 (12.20) percent.

It said, 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.

NBS said, increases were recorded in all COICOP divisions that yielded the Headline index.

On month-on-month basis, it said, the Headline index increased by 0.84 percent in March 2020. This is 0.05 percent higher than the rate recorded in February 2020 (0.79 percent).

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