The National Bureau of Statistics on Tuesday said the Consumer Price Index, which measures inflation, rose by 12.26 per cent year-on-year in March.
The bureau, in the CPI report, said the 12.26 per cent inflation for March is 0.06 percentage points higher than the 12.2 per cent recorded in February.
This is the highest inflation rate to be recorded by the economy in the last 23 months. The last time the index was as high as this was in April 2018 when the inflation rate was put at 12.48 per cent.
The report said the lockdown in Abuja, Lagos and Ogun states which started in April and various major disruptions in normal economic activity in several states would not have any major impact on March inflation, which the report focused on.
On a month-on-month basis, the NBS said the index increased by 0.84 per cent in March. This is 0.05 per cent higher than the 0.79 per cent recorded in February.
It said, “The consumer price index, which measures inflation increased by 12.26 percent (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.”
