Inflation rose in March in Nigeria to its highest level in 23 months

Inflation rose in March in Nigeria to its highest level in 23 months, data released by the National Bureau of Statistics (NBS) on Tuesday has shown.

Nigeria’s annual inflation rose for a seventh straight month, as border closures and lockdown of the country occassioned by the coronavirus pandemic pushed prices higher.

The bureau’s Consumer Price Index report said inflation rose to 12.26 per cent when compared with March 2019, and up from 12.20 percent in February 2020.

The closure of land borders in the country in August has been a major driving force for the upward trend of the inflation rate of the country since September 2019.

Dr Yemi Kale, Statistician General of the Federation/CEO Nigerian National Bureau of Statistics tweeted..

March 2020 CPI/Inflation report published @ https://t.co/QJjwzOo6lr. Headline Year on Year Inflation at 12.26% in Mar 2020 from 12.20% in Feb 2020. Food inflation at 14.98% in March 2020 from 14.90% in Feb 2019. Core Inflation at 9.73% in March 2020 from 9.43% in Feb 2020). pic.twitter.com/KSc0WannF0

— Dr Yemi Kale (@sgyemikale) April 21, 2020

The closure affected the availability of rice, vegetable oil, frozen food and other staple food of Nigerians, causing prices of the commodities to be on the increase.

The latest spike is also linked to the coronavirus pandemic lockdown.

“The lockdown in Abuja. Lagos and Ogun States and various major disruptions in normal economic activity in several States since then started in April 2020 and accordingly would not have any major impact on March 2020 Inflation which this report focuses on,” NBS said.

The composite food index rose by 14.98 per cent in March 2020 compared to 14.90 per cent in February 2020.