The National Bureau of Statistics (NBS) has released the Consumer Price Index (CPI) for the month of March, which shows that the inflation rate has risen to 8.5 per cent.
Inflation continues 4-month rise, now 8.5%
The latest rise, which was revealed by the NBS on Thursday, April 16, 2015, is a marginal increase of 100 basis points from the 8.4 per cent recorded in the month of February.
The 0.1 per cent increase makes it the fourth consecutive month that the index would be on the rise, according to an NBS report.
The report reads:
“In March, the CPI, which measures inflation, rose by 8.5 per cent (year-on-year), marginally higher from the 8.4 per cent rate recorded in February. This is the fourth consecutive month of a faster increase in the headline index to reach the highest inflation rate recorded for the year.”
“The headline rate for March also equals last year’s high recorded in August. While the pace of increase in food prices held firm for the second consecutive month, the faster increase in the headline index was driven by increases in the non-food divisions.”
The rise in inflation has been blamed on the devaluation of the naira and the heavy spending occasioned by the recently concluded general elections.
“We have been complaining that election spending and the devaluation of the naira would put more pressure on prices of goods and services. We will continue to see increase in inflation until June because the liquidity caused by election spending and others will have to wear off,” the Head of Research and Strategy, for BGL Securities Plc, Femi Ademola told Punch.
Nigeria’s general elections held on March 28 and April 11, 2015.
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