The annual inflation rate in Nigeria which has been on the rise for seven months consecutively, has risen to 12.26 per cent in March 2020.
According to the March 2020 Consumer Price Index Report by the Nigeria Bureau of Statistics (NBS), the inflation rate which has been on a rise from 11 per cent in September 2019, rose to its highest rate of 12.26 in March 2020, the highest in the last 23 months.
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.”
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