NBS Reveals Nigeria’s Latest Inflation Rate

NBS Reveals Nigeria’s Latest Inflation Rate

Iyano Oba Market in Lagos: Image: Juju Films

Nigeria’s inflation rate reached 12.26 percent in March, 2020, according to latest report from the National Bureau of Statistics (NBS).

Concise News reports that the current rate increased by 0.06 percent points, which is higher than the rate (12.20 percent) recorded in February 2020.

But the NBS said the total lockdown in Abuja, Lagos and Ogun, and other disruptions in economic activities started in April 2020 and as such did not have any major impact on March Inflation, which this report focused on.

“Increases were recorded in all COICOP divisions that yielded the Headline index,” it said.

“On month-on-month basis, the Headline index increased by 0.84 percent in March 2020. This is 0.05 percent higher than the rate recorded in February 2020 (0.79 percent).”

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