National Bureau of Statistics (NBS) has reported that inflation increased by 12.26 per cent when compared with March 2019
This is 0.06 per cent points higher than the rate recorded in February 2020 (12.20) per cent.
It, however, noted 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.
“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 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.
“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 per cent in March 2020, up by 0.06 from 0.82 per cent recorded in February 2020, while the rural index also rose by 0.80 per cent in March 2020, up by 0.04 points from the rate recorded in February 2020 (0.76percent).”
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