Inflation Gallops to 12.8 Per Cent

The currency curb introduced by the federal government, 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.

The NBS 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.It also stated that the planting season, transportation costs, as well as foreign exchange movements created significant upward pressure on the food index in March.

The Bureau 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.

Source:Thisday