OMOTAYO ARAOYE AND AMINA HUSSAIN
The Consumer Price Index (CPI), which measures the inflation rate rose to 12.26 percent Year-on-Year (YoY) in March, higher by 0.06 percent recorded in February.
The figure released Tuesday by the Nigeria Bureau of Statistics (NBS) was 0.12 percent lower than the projection by the Access Bank Economic Intelligence Unit.
NBS, however, noted that the lockdown in Abuja, Lagos, and Ogun States should not be attributed to the rise in inflation because it started in April while this data is for the Month of March only.
NBS said, “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 focuses on”.
The Bureau stated that the highest YoY Inflation rates was recorded by some states like Bauchi, Niger, and Kebbi while Lagos, Abuja, Kwara recorded the lowest rise in March 2020.
Noting that an increase in all Classification of Individual Consumption by Purpose (COICOP) divisions yielded the headline index.
Adding that, “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 percent showing 0.08 percent point from 11.54 percent recorded in February”.
Also, “The urban inflation rate increased by 12.93 percent year on year in March as against 12.85 percent recorded in February while the rural inflation rate increased by 11.64 percent in March from 11.61 percent in February”.
NBS states that “On a month-on-month basis, the urban index rose by 0.88 percent in March and up by 0.06 point from 0.82 percent in February while the rural index also rose by 0.80 percent in March, up by 0.04 points in February which was 0.76 percent,’’ the NBS stated”.
The Bureau said the composite food index rose by 14.98 per cent in March 2020 compared to 14.90 percent in February 2020.
Noting that Sokoto, Edo, and Ogun recorded the highest while jigawa, Bauchi, and Lagos recorded the lowest.
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