Headline inflation rate increases to 12.26% in March, says NBS
The Nigerian Bureau of Statistics (NBS) has reported that headline inflation rate for the month of March increased to 12.26%.
The Bureau made this known in its latest report on inflation released on Tuesday.
The report showed that inflation in March was 0.06% points higher than the rate recorded in February, which was 12.20 %.
The Bureau said the lock down in Abuja, Lagos and Ogun States and various major disruptions in normal economic activities in several states started in April wouldn’t have had any impact because this report focused on March.
It stated that the increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
The NBS added that on month-on-month basis, the headline index increased by 0.84% in March and this was 0.05% higher than the rate recorded in February, which was 0.79%.
“The percentage change in the average composite CPI for the 12 months period, ending in March over the average CPI for the previous 12 months period was 11.62% showing 0.08% point from 11.54% recorded in February.
“The urban inflation rate increased by 12.93% year on year in March as against 12.85% recorded in February while the rural inflation rate increased by 11.64% in March from 11.61% in February.
“On a month-on-month basis, the urban index rose by 0.88% in March and up by 0.06 point from 0.82% in February while the rural index also rose by 0.80% in March, up by 0.04 points in February which was 0.76%,’’ the NBS stated.
According to the bureau, the highest increase recorded are on fish, vegetables, fruits, oil and fats, bread and cereals, potatoes, yam as well as other tubers.
Headline inflation rate increases to 12.26% in March, says NBS
