Nigeria's inflation rises to 12.8 percent in March

Nigeria's National Bureau of Statistics said on Tuesday that inflation rose to 12.8 percent in March from the 11.4 percent recorded in February.

In its March Consumer Price Index (CPI)/Inflation Report released in Abuja, the bureau said the CPI, which measures inflation, recorded a sharp rise for the second consecutive month.

The headline index increased to 12.8 percent, roughly 1.4 percent higher than rates recorded in February, said the report, adding that the figure is reflecting an increase in the prices of goods and services across the nation to a year-on-year high last recorded in July 2012.

The higher price level was reflected in faster increases across all divisions, which contribute to the index with the exception of the restaurants and hotels division, it said.

It said the food index rose to 12.7 percent, up by 1.4 percent from rates recorded in February.

According to the report, transportation costs, the planting season, and foreign exchange movements created significant upward pressures on the food index in March.

Almost half of all divisions that contribute to the index increased, albeit at a slower pace, during the month.

The housing water, electricity, gas and other fuels, health, education, and restaurants and hotels divisions all increased but at a slower pace, the report said.

The report also said that both the urban and rural indices recorded marked increases for the second consecutive month in March, with the urban index rising by 1.2 percent from 12.3 percent in February to 13.5 percent.