Inflation rises to 12.26%

The National Bureau of Statistics (NBS) said the Consumer Price Index(CPI) which measures inflation rose by 0.6 percent to 12.26 per cent (year-on-year) in March compared to 12.20 per cent in the preceding month.

According to NBS, the Food inflation increased to 14.11 per cent compared to 13.98 per cent in March.

Also, core inflation, which excludes the prices of volatile agricultural produce increased to 9.73 per cent in March, up by 0.3 per cent compared to the 9.43 per cent recorded in February.

The NBS, however, noted that the current lockdown in Abuja, Lagos and Ogun States to contain the COVID-19 pandemic as well as various major disruptions in normal economic activity in several states, started in April 2020 and accordingly would not have any major impact on March 2020 inflation report.