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Nigeria Inflation March 2020

Nigeria: Inflation climbs for seventh month in a row in March

Consumer prices rose 0.84% on a month-on-month basis in March, up from February’s 0.79% increase. The pick-up was mainly driven by faster growth of food prices.

Meanwhile, inflation climbed for the seventh consecutive month to 12.3% in March (February: 12.2%), marking the highest reading since April 2018. Thus, it rose further above the Central Bank’s target range of 6.0%–9.0%, where it has been for nearly five years. As for annual average inflation, it ticked up to 11.6% from 11.5% in February.

Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.80% month-on-month in March, above February’s 0.73% increase. Core inflation edged up to 9.7% from 9.4% in the previous month.

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