Inflation accelerated to almost a two-year high to 12.26 percent in March, some 0.06 percent points higher than the 12.20 percent reported in February 2020.
Both food and core inflation moved up – but the National Bureau of Statistics (NBS) which released the figures Tuesday morning clearly ruled out possible impact from covid-19 lockdown on the inflation numbers.
Tracking COVID-19 in Nigeria
Total Coronavirus Cases, Apr 21
665
Total Coronavirus Deaths, Apr 21
22
Year-to-Date change in NSE ASI
-15
Balance in Excess Crude Account, Dec 2019 (million)
$70
Brent Crude ($ per barrel)
26
Food inflation rose to 14.98 percent compared to 14.90 percent on account of accelerated increases in prices of Bread and Cereals, Fish, Potatoes, Yam and other tubers, Oils and fats, Vegetables, and Fruits, according to the NBS.
Core inflation was reported at 9.73 percent, up by 0.3 percent when compared with the 9.43 percent recorded in February.
NBS said core numbers were pushed up majorly by 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 a a well as Catering services.
SOURCE BUSINESS DAY
