Forex Crises Drives Nigeria to 12.8% Inflation

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The National Bureau of Statistics has said on Tuesday that the Inflation rate of goods and services, which can also be called the Consumer Price Index (CPI), has grown to 12.8% in March.

The Nigerian inflation rate, which was 11.4 per cent in February, was said to have increased due to the combination of a continuous increasing trend in the prices of goods and services in the last four years.

The Bureau said that the increasing inflation rate in the month of March is as a result of the growing fuel crisis and the scarcity of foreign exchange in the economy. It also said that the unavailability of Forex affected the importation of petrol.

In the month of March, the highest prices were recorded in electricity, furniture and furnishings, passenger transport by road and spare parts.

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