Nigeria's inflation hits 2yrs high, rises to 12.26% in March

Nigeria’s inflation is on the rise as it stands at 12.26 per cent in March against 12.2 per cent in February.

The inflation rise is for the seventh consecutive time and the highest inflation rate Nigeria has recorded in about 2 years.

The National Bureau of Statistics (NBS) on Tuesday revealed in its Consumer Price Index Report for March 2020 that the inflation rate rose to 12.26 per cent, the highest figure in 23 months.

The inflation rate measures the rate at which prices increase over time, resulting in a fall in the purchasing value of money.

Nigeria’s inflation rate has been on the rise from September 2019 which recorded 11 per cent resulting in the border closure by the federal government.

The NBS said: “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.”