The National Bureau of Statistics (NBS) on Tuesday said that the inflation rate in March rose by 12.8 per cent compared to the 11.4 per cent in February.
This is contained in March 2016 Consumer Price Index (CPI)/ Inflation Report issued by the NBS in Abuja.
CPI measures the average change over time in prices of goods and services consumed by people on daily basis.
According to the report the CPI which measures inflation in March recorded a sharp rise for the second consecutive month.
“The headline index increased by 12.8 per cent (year-on-year), roughly 1.4 per cent points higher from rates recorded in February (11.4 per cent).
“This figure is reflecting an increase in the prices of goods and services across the nation to a year-on-year high last recorded in July of 2012.
“The higher price level was reflected in faster increases across all divisions which contributed to the index with the exception of the Restaurants and Hotels division which increased.
“The Restaurant and Hotels division which increased albeit at a slower pace for the second consecutive month.’’
The report said that transportation costs, the planting season, and foreign exchange movements created significant upward pressures on the Food index in March.
It said that the food index increased by 12.7 per cent, up by 1.4 per cent points from rates recorded in February as all major food groups which contribute to the Food sub-index increased at a faster pace.
Similarly, it said that imported items as well as other domestic stocks continued to have ripple effects across many divisions that contribute to the Core.
“The index increased by 12.2 per cent in March, roughly 1.1 per cent points from rates recorded in February.
“While exhibiting a slower increase on a monthly basis, the Headline Index still recorded a notable increase in March relative to rates recorded in previous years.
“The index increased by 2.2 per cent in March, marginally lower from 2.3 per cent recorded in February.
“Almost half of all divisions that contribute to the index increased, albeit at a slower pace, during the month.
“The Housing Water, Electricity, Gas & Other Fuel; Health, Education, and Restaurants & Hotels divisions all increased but a slower pace,’’ the report said.
The report also said that both the Urban and Rural indices recorded marked increases for the second consecutive month in March.
It said that the Urban Index rose by 1.2 per cent points from 12.3 per cent (year-on-year) in February to 13.5 per cent in March.
