This is the highest inflation rate the country has recorded in 23 months.
Inflation rate measures the rate at which prices increase over time, resulting in a fall in the purchasing value of money.
The Nigeria Bureau of Statistics (NBS) made this known today (April 21, 2020) in its Consumer Price Index Report for March 2020.
Nigeria’s inflation rate has been on the rise from September 2019 which recorded 11%. This is largely due to the border closure.
The NBS said: “The consumer price index, (CPI) which measures inflation increased by 12.26 percent (year-on-year) in March 2020. This is 0.06 percent points higher than the rate recorded in February 2020 (12.20) percent.”
“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 percent in March 2020 (this is higher than 12.03 percent reported in February 2020), while the corresponding rural inflation rate in March 2020 was 11.14 percent compared to 11.09 percent recorded in February 2020.”