The National Bureau of Statistics, NBS has revealed that the consumer price index, (CPI) which measures inflation increased by 12.26 per cent (year-on-year) in March 2020.
According to the monthly report released on its website on Tuesday, NBS said the figure is 0.06 per cent points higher than 12.20%, the rate recorded in the previous month.
It, however, clarified that 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.
“The percentage change in the average composite CPI for the twelve months period ending March 2020, over the average CPI for the previous twelve months period was 11.62 per cent, showing 0.08 per cent point from 11.54 per cent recorded in February 2020.”
However, the report indicates that increases were recorded in all COICOP divisions that yielded the Headline index.
On a month-on-month basis, the Headline index increased by 0.84 per cent in March 2020.
This is 0.05 per cent higher than the rate recorded in February 2020 (0.79 per cent).
The urban inflation rate increased by 12.93 per cent (year-on-year) in March 2020 from 12.85 per cent recorded in February 2020, while the rural inflation rate increased by 11.64 per cent in March 2020 from 11.61 per cent in February 2020.
On a month-on-month basis, the urban index rose by 0.88 percent in March 2020, up by 0.06 from 0.82 percent recorded in February 2020, while the rural index also rose by 0.80 percent in March 2020, up by 0.04 points from the rate recorded in February 2020 (0.76percent).