Nigeria’s inflation rate has risen to 12.26% in March 2020 as the COVID-19 pandemic continues to ravage the country
The National Bureau of Statistics who made the announcement in its latest inflation report stated that based on the month on month analysis, Nigeria’s inflation rate rose by 12.26% in March 2020, higher than the rate (12.20%) recorded in February and 12.13% in January.
Natdiary Understands that The inflation rate rose for the 8th consecutive month as recession looms in the Nigerian economy amidst the rapid spread of COVID-19 pandemic.
Food inflation, a closely watched component of the inflation index, rose by 14.98% in March 2020 compared to 14.90% in February 2020. According to the NBS, the 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.
here is the confirmation of the new inflation rate on Dr Kale’s Twitter handle below
March 2020 CPI/Inflation report published @ https://t.co/QJjwzOo6lr. Headline Year on Year Inflation at 12.26% in Mar 2020 from 12.20% in Feb 2020. Food inflation at 14.98% in March 2020 from 14.90% in Feb 2019. Core Inflation at 9.73% in March 2020 from 9.43% in Feb 2020). pic.twitter.com/KSc0WannF0