Inflation rate increases by 12.26% in March

The National Bureau of Statistics on Tuesday said the Consumer Price Index, which measures inflation rose by 12.26 per cent year-on-year in March.

The bureau in the CPI report said the 12.26 per cent inflation for March is 0.06 percentage points higher than the 12.2 per cent recorded in February.

The report said the lockdown in Abuja, Lagos and Ogun states which started in April and various major disruptions in normal economic activity in several States would not have any major impact on March inflation which the report focuses on.

On a month-on-month basis, the NBS said the index increased by 0.84 per cent in March, adding that this is 0.05 per cent higher than the 0.79 per cent recorded in February.