Inflation figures for March 2020 released by the National Bureau of Statistics (NBS). Nigeria’s headline inflation accelerated to 12.26% YoY (0.84% MoM). This is 0.06 percent points higher than the rate recorded in February 2020 (12.20) percent.
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 focusses on.
Food inflation rose by 8 bps to print 14.98% YoY (February 2020: 14.90% YoY)
Core inflation advanced by 30 bps to 9.73 % YoY (February 2020: 9.43% YoY)
Urban inflation rose by 8 bps to 12.93% YoY. Similarly, Rural inflation climbed by 3 bps 11.64% YoY
On a month-on-month basis, the Headline index increased by 0.84 percent in March 2020. This is 0.05 percent higher than the rate recorded in February 2020 (0.79 percent).
The percentage change in the average composite CPI for the twelve months period ending March 2020, over the average CPI for the previous twelve months period was 11.62 percent, showing 0.08 percent point from 11.54 percent recorded in February 2020.
The urban inflation rate increased by 12.93 percent (year-on-year) in March 2020 from 12.85 percent recorded in February 2020, while the rural inflation rate increased by 11.64 percent in March 2020 from 11.61 percent in February 2020.
On a month-on-month basis, the urban index rose by 0.88 percent in March 2020, up by 0.06 from 0.82 percent recorded in February 2020, while the rural index also rose by 0.80 percent in March 2020, up by 0.04 points from the rate recorded in February 2020 (0.76 percent).
Source: Brand Spur
