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Nigeria’s Inflation Rate Rise To 12.26%

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Nigeria's Inflation Hits 16.82% In April - NBS
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Nigeria’s inflation rate has risen to 12.26% in March 2020 as the COVID-19 pandemic continues to ravage the country

The National Bureau of Statistics who made the announcement in its latest inflation report stated that based on the month on month analysis, Nigeria’s inflation rate rose by 12.26% in March 2020, higher than the rate (12.20%) recorded in February and 12.13% in January.

Naija News Understands that The inflation rate rose for the 8th consecutive month as recession looms in the Nigerian economy amidst the rapid spread of COVID-19 pandemic.

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Food inflation, a closely watched component of the inflation index, rose by 14.98% in March 2020 compared to 14.90% in February 2020. According to the NBS, the rise in the food index was caused by increases in prices of Bread and Cereals, Fish, Potatoes, Yam and other tubers, Oils and fats, Vegetables, and Fruits.

here is the confirmation of the new inflation rate on Dr Kale’s Twitter handle below

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