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Consumer price index spikes up to 12.26 per cent in March – NBS
THE Consumer Price Index (CPI) for March 2020 has shown inflation increase up to 12.26 per cent (year-on-year) in March 2020, indicating 0.06 per cent points higher than the rate recorded in February 2020 (12.20) per cent.
This is contained in a report by the National Bureau of Statistics (NBS) released on Tuesday.
The report did not consider the lockdown in Abuja, Lagos and Ogun states as well as major disruptions in normal economic activity in several states which started only in April.
Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP )divisions that yielded the Headline index, the report revealed.
Also, the report showed that the urban inflation rate increased to 12.93 per cent (year-on-year) in March 2020 from 12.85 per cent recorded in February 2020, while the rural inflation rate increased to 11.64 per cent in March 2020 from 11.61 per cent in February 2020.
The composite food index rose to 14.98 per cent in March 2020 compared to 14.90 per cent in February
2020. This rise in the food index was caused by increases in prices of bread and cereals, fish, potatoes, yam and other tubers, oils and fats, vegetables, and fruits.
The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural
produce stood at 9.73 per cent in March 2020, up by 0.3 per cent when compared with 9.43 per cent
recorded in February 2020.
The NBS report showed that the highest increases were recorded in 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.
According to the NBS report, in March 2020, on a month-on-month basis all items inflation was highest in Bayelsa 1.64 per cent, Bauchi 1.63 per cent and Ondo 1.60 per cent.
Kano, 0.21 per cent; Abia, 0.17 per cent recorded the slowest rise on a month on month inflation while Lagos recorded price deflation or negative inflation
In March 2020, on a month-on- month basis food inflation was highest in Bayelsa 2.36 per cent, Kogi 2.18 per cent and Kebbi 2.17 per cent, while Kano 0.22 per cent.
Cross River 0.09 per cent recorded the slowest rise on a month-on-month inflation with Lagos recorded price deflation or negative inflation, the NBS report revealed.