Inflation rate up by 0.06% amid lockdown, says NBS

The Nigeria Bureau of Statistics has said that the Consumer Price Index/Inflation rate for the month of March rose by 0.06 per cent to 12.26 per cent from 12.20 per cent in the previous month.

The CPI, which measures the averages change over time in prices of consumer goods and services, but the year-on-year inflation rate at 12.26 per cent in March.

In a report by the NBS, the lockdown in states like Lagos, Ogun and Abuja, 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 report.

The lockdown directive, which took effect in April, would not have reflected in the inflation report of March.

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