Nigeria's Inflation Rises To 12.26% In March - NBS

Nigeria's Inflation Rises To 12.26% In March - NBS

Nigeria's Inflation Rises To 12.26% In March - NBS

Similarly, the composite food index rose to 14.98 per cent, largely driven by an increase in basic food prices.

Nigeria's inflation rate has been on the rise from September 2019 which recorded 11%.

The National Bureau of Statistics (NBS), yesterday, announced that Nigeria's inflation rate increased to 12.6 per cent in March, 2020 from 12.26 per cent recorded in February, the highest in 23 months.

Market expectations called for a 1.1% rise in March, according to economists at TD Bank.

British annual inflation slowed last month as slumping oil prices slashed motor fuel costs and on discounting by clothes shops to attract coronavirus-weary customers before lockdown, official data showed Wednesday.

She also noted that Bank Negara Malaysia's next monetary policy meeting on May 4 or 5 will review the effectiveness of the recent 50 basis point cut in the overnight policy rate (OPR) and the RM260 billion fiscal stimulus package before deciding if further support is needed for the economy.

"This is 0.06 per cent points higher than the rate recorded in February 2020 (12.20) per cent".

The 'All items less farm produce, ' also known as core inflation, which excludes the prices of volatile agricultural produce, stood at 9.73 per cent in March 2020.

On the other hand, it said rural inflation rate rose to 11.64 per cent in March from 11.61 per cent in February.

However, food and non-alcoholic beverages index, which made up of 29.5 percent of total CPI weight, grew 1.2 percent.

"This is attributable, in part, to border protection policy, disruptions and challenges around food production belts, and pass-through from the recent Value-Added Tax increase".

It noted that the lockdown in Abuja, Lagos and Ogun States and the disruptions in normal economic activities in several states started in April and wouldn't have had any impact because this report focused on March.

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