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Nigeria’s inflation rate rises to highest in 2 years

This is the highest Nigeria’s inflation has risen since 12.48% was recorded in April 2018.

Inflation has been on the rise in Nigeria since President Muhammadu Buhari closed land borders in 2019 [Premium Times]

Nigeria’s annual inflation rate has jumped to its highest since April 2018 with 12.26% (year-on-year) recorded for March 2020.

According to a report published by the Nigeria Bureau of Statistics (NBS) on Tuesday, April 21, 2020, the consumer price index (CPI), which measures inflation, increased by 0.06 percent points higher than the 12.20% recorded in February 2020.

This is the highest Nigeria’s inflation has risen since 12.48% was recorded in April 2018.

The current upward rise in inflation started in September 2019 around the time President Muhammadu Buhari closed Nigeria’s land borders allegedly because of the activity of smugglers.

The month-on-month inflation rate rose to 0.84% from 0.79% in February 2020, according to the NBS.

The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

“In March 2020, all items inflation on year-on-year basis was highest in Bauchi (15.55%), Niger (14.04%) and Kebbi (13.90%); while Lagos (10.82%), Abuja (10.19%) and Kwara (9.94%) recorded the slowest rise in headline Year on Year inflation,” the NBS report noted.

Food inflation on a year-on-year basis was highest in Sokoto (16.81%), Edo (16.63%) and Ogun (16.39%); while Jigawa (13.69%), Bauchi (13.40%) and Lagos (13.06%) recorded the slowest rise.

Food inflation on a year-on-year basis in Nigerian states in March 2020 [NBS]

The highest increase in food was recorded in bread and cereals; fish; potatoes, yam and other tubers; vegetables; oil and fats; and fruits.
The NBS noted that the jump in inflation was not influenced by the shutdown of economic activities in Lagos, Ogun, and the Federal Capital Territory (FCT), Abuja.
President Buhari ordered a lockdown in all three locations to contain the spread of a coronavirus disease that has infected over 2.5 million people across the world.
The lockdown commenced on March 30 and has been extended till April 27. Many other states across the country have adopted a similar lockdown as the virus has spread to 24 states and the FCT, as of April 20.
Source: Pulse Nigeria
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