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.”
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.