Written by Godfrey AKON

Nigeria’s inflation rises to12.26%

Nigeria’s inflation rate rose to 12.26 per cent in the month of March from 12.20 percent recorded in February, 2020.

The National Bureau of Statistics, NBS, disclosed in its consumer price index, CPI, which measures inflation, on Tuesday that the March figures showed that the inflation in March was 0.06 per cent higher than February.

“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.

According to the bureau, increases were recorded in all divisions that yielded the Headline index. 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.

Similarly, the NBS selected food price watch data for March 2020 showed that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 0.29 per cent and month-on month by 2.87 per cent to N461.15 in March 2020 from N448.26 in February 2020.

The report also indicated that the average price of piece of Agric eggs medium size, price of one, decreased year-on-year by -4.83 per cent and increased month-on-month by 1.53 per cent to N39.90 in March 2020 from N39.29 in February 2020.

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