By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s inflation climbed up 12.8 percent in March (highest since July 2012), dwarfing consensus estimate of 11.8 percent, according to the National Bureau of Statistics (NBS) latest report.

Cordros in its report said this month’s Consumer price Index (CPI) exhibited similar strains to that of February, with the impact of the exchange rate pass rate through, electricity tariff increases and the lingering fuel scarcity reflected in sustained increases in the” Imported Food”,

“Utilities (Housing Water, Electricity, Gas and Other Fuel),” and “Transport” segments. On a m/m basis, headline inflation was 2.2 percent, slightly lower than the 2.3 percent recorded in the previous month,” the NBS report affirmed.

Also, food inflation increased to 12.7 percent from 11.3 percent in the previous month, driven by continued pressure in imported inflation (+15.13 percent). Core inflation increased to 12.2 percent from 11.0 percent in the previous month, after a 1.9 percent month-on-month (m/m) increase driven by increased acceleration in all segments, with the exception of hotels and restaurants which increased at a slower pace.