The National Bureau Of Statistics (NBS) has said consumer price index, (CPI) which measures inflation rate increased by 12.26 per cent (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,” the Bureau said on Tuesday In its latest report on CPI.
According to NBS, “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.
“Increases were recorded in all COICOP divisions that yielded the Headline index.”
The report stated that, on 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 report disclosed that, “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 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 (0.76per cent).
“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 percent compared to 11.09 per cent recorded in February 2020.”
NBS said the composite food index rose by 14.98 per cent in March 2020 compared to 14.90 per cent in February 2020.
“This rise in the food index was caused by increases in prices of Bread and Cereals, Fish, Potatoes, Yam and other tubers, Oils and fats, Vegetables, and Fruits.
“On month-on-month basis, the food sub-index increased by 0.94 per cent in March 2020, up by 0.07 percent points from 0.87 per cent recorded in February 2020.
The average annual rate of change of the Food sub-index for the twelve-month period ending March 2020, over the previous twelve-month average was 14.11 per cent, 0.13 per cent points from the average annual rate of change recorded in February 2020 (13.98) per cent.”