EHIME ALEX, Lagos
Nigeria headline inflation has risen to 12.26 per cent year-on-year in the month of March 2020, from 12.20 per cent recorded in February.
The Consumer Price Index report released by the National Bureau of Statistics on Tuesday has indicated.
In analysing the report, the increase signifies a seventh month consecutive rise at a faster pace, expanding by six basis points.
It also indicates rise in the highest level of price growth since April 2018.
On a month-on-month basis, the headline inflation increased slightly by 5bps to 0.84 per cent.
Food inflation rose to 14.98 per cent y/y in the review period, which according to Cordros Securities analysts would have been occasioned by the frontloading of major food items that preceded the lockdown. This “must have negatively influenced the food basket”, the analysts said.
Specifically, the rise in food inflation was caused by increases in prices of Bread and Cereals, Fish, Potatoes, Yam and other tubers, Oils and fats, Vegetables, and Fruits.
Compared to February 2020, food inflation expanded by 7bps to 0.94 per cent m/m.
Meanwhile, core inflation was up by 30bps to 9.73 per cent.
The NBS’ report showed that pressures were most significant in the 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, and Catering services.
On a month-on-month basis, the core index was up by 7bps 0.80 per cent.
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