The
currency curbs introduced by the Muhammadu Buhari administration,
coupled with fuel scarcity, have contributed to the increase in the
Consumer Price Index (CPI), which measures inflation, to 12.8 per cent
in March, compared to 11.4 per cent in February and 9.6 per cent in
January, the National Bureau of Statistics (NBS) stated on Tuesday.
It blamed the 1.4 per cent rise in the
headline index on an increase in the prices of goods and services across
the country, the highest year-on-year rise since July 2012.
The NBS stated that the planting season,
transportation costs, as well as foreign exchange movements created
significant upward pressure on the food index in March.
It further stated that the knock on
effect of foreign exchange movements, which have in turn affected the
prices of imported food and non-food items, the importation of petrol as
well as the adjustment in the electricity tariffs nationwide resulted
in a surge of rates.
According to the CPI figures for March
released by the statistical agency yesterday, the food index increased
by 1.4 per cent to 12.7 per cent compared to what was recorded in
February.
It added that all major food groups that
contribute to the food sub-index increased at a faster pace while
imported items as well as other domestic shocks continued to have ripple
effects across many divisions that contribute to the core index which
increased by 1.1 per cent to 12.2 per cent in March.
Credit: Thisday
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