Nigeria: Inflation shoots up in March to an over-three-and-a-half-year high
April 12, 2016
In March, consumer prices increased 2.2% over the previous month, which was a notch below February’s 2.3% increase. According to the National Bureau of Statistics, the month-on-month increase mainly reflected higher prices for imported food, housing, water, electricity, gas and other fuels as well as for food and non-alcoholic beverages.
Inflation in March jumped from February’s 11.4% to 12.8%. The print represented the highest rate since July 2012 and overshot the 11.8% that market analysts had expected. As a result, annual average inflation ticked up from February’s 9.4% to 9.8% in March, thereby reaching a nearly three-year high.
Core consumer prices, which exclude farm produce and energy prices, rose 1.6% in March over the previous month, which matched the result tallied in February. Core inflation jumped from 9.5% in February to 10.3% in March.