Nigeria’s Inflation Rate Continues 4-month Rise to 8.5% in March

Nigeria’s National Bureau of Statistics, NBS has revealed that the Consumer Price Index (CPI) which measures the country’s inflation rate has moved up from 8.4 per cent rate (year-on-year) recorded in February to gain a marginal increase putting it at 8.5 percent (year-on-year) in March.

The NBS stated the development shows a faster increase in the Headline Index for the fourth consecutive month to reach the highest inflation rate recorded for the year.
The Headline rate for March also equals last year’s high recorded in August. While  the  pace  of  increase  in  food prices  held  firm  for  the second consecutive month,  the  faster increase  in the Headline index was driven by increases in the non-food COICOP.

Note: COICOP means Classification of Individual Consumption by Purpose

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