Inflation Increase By 1.4% In March

The National Bureau of Statistics (NBS) revealed that Nigeria’s’s inflation-ary trend has maintained a steady increase for the second time in two months, hitting 12.8 per­cent by March 2016.

In February, the infla­tionary trend which had maintained a single digit for more than a year in­creased to 11.4 per cent.

In March, it further increased by 1.4 percent indicating that the trend may be maintained for longer time if measures were not taken to ease the pressures on the cost of living.

According to NBS re­port, “In March, the Con­sumer Price Index (CPI) which measures inflation 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) 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.”Market-in-Nigeria

 

NBS explained that the higher price level was re­flected in faster increases across all divisions which con-tribute to the index with the exception of res­taurants and hotels divi­sions which increased, albeit at a slow-er pace for the second consecutive month.

 

It attributed the in­crease in inflation to transportation costs, the planting season, and foreign exchange move­ments which created significant upward pres­sures on the food index in March.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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