Inflation rate hits 12.26% in March- NBS report

By our reporter| The consumer price index (CPI) which measures inflation increased by 12.26% in March, according to the data released by the National Bureau of Statistics (NBS) on Tuesday.

The report also showed that food prices fell in Lagos during the period.

According to the report, the CPI increased by 0.06 percentage points from the 12.20% recorded in February.

The report read, “The composite food index rose by 14.98% in March 2020 compared to 14.90% in February 2020.”

“This rise in the food index was caused by increases in prices of bread, cereals, fish, potatoes, yam and other tubers, oils and fats, vegetables, and fruits.

“All items less farm produce or core inflation, which excludes the prices of volatile agricultural produce stood at 9.73% in March 2020, up by 0.3% when compared with 9.43% recorded in February 2020.”

Urban inflation increased by 12.93% in March from the 12.85% recorded in February and rural inflation was up 0.03 percentage points to stand at 11.64%.

“In March 2020, all items inflation on year on year basis was highest in Bauchi (15.55%), Niger (14.04%) and Kebbi (13.90%), while Lagos (10.82%), Abuja (10.19%) and Kwara (9.94%) recorded the slowest rise in headline year-on-year inflation,” the report read.

“In March 2020, food inflation on a year on year basis was highest in Sokoto (16.81%), Edo (16.63%) and Ogun (16.39%), while Jigawa (13.69%), Bauchi (13.40%) and Lagos (13.06%) recorded the slowest rise.

“On month on month basis, however, March 2020 food inflation was highest in Bayelsa (2.36%), Kogi (2.18%) and Kebbi (2.17%), while Kano (0.22%), Cross River (0.09%) recorded the slowest rise on month-on-month inflation with Lagos recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).”