Nigeria’s March inflation accelerates to 12.26%

inflation

Inflation accelerated to almost a two-year high to 12.26 percent in March, some 0.06 percent points higher than the 12.20 percent reported in February 2020.

Both food and core inflation moved up – but the National Bureau of Statistics (NBS) which released the figures Tuesday morning clearly ruled out possible impact from covid-19 lockdown on the inflation numbers.

Food inflation rose to 14.98 percent compared to 14.90 percent on account of accelerated increases in prices of Bread and Cereals, Fish, Potatoes, Yam and other tubers, Oils and fats, Vegetables, and Fruits, according to the NBS.

Core inflation was reported at 9.73 percent, up by 0.3 percent when compared with the 9.43 percent recorded in February.

NBS said core numbers were pushed up majorly by prices of Passenger transport by air, Tobacco, Household textiles, Major household appliances, Domestic services and household services, Pharmaceutical products, Maintenance and repair of personal transport equipment, Water supply a a well as Catering services.

Onyinye Nwachukwu

Onyinye Nwachukwu is the Abuja Bureau Chief of BusinessDay, overseeing coverage across Abuja and Northern Nigeria. With more than two decades of experience in economic and financial journalism, she reports on business, policy, and market trends, linking local developments to the global economy. A fellow of the International Monetary Fund (IMF) and recipient of the P. Vishwanathan Memorial Award for Excellence in Financial Journalism, she is known for her insightful storytelling and interviews with senior policymakers, diplomats, and business leaders. Well traveled and globally minded, Onyinye brings depth and international perspective to her reporting.