Written by Sarah NEGEDU

Inflation rate drops by 0.99% in March

Nigeria’s inflation rate dropped by 0.99percent points to hit 13.34percent in March 2018, away from the 14.33 percent recorded in February, the National Bureau of Statistics, NBS, has disclosed.

The Bureau reports in its Consumer Price Index, CPI, which measures inflation, that the figure showed 14 consecutive reductions in inflation rate since January, 2017.

The CPI reads in part, “The Consumer Price Index which measures inflation increased by 13.34 per cent (year-on-year) in March 2018.

“This fourteenth consecutive disinflation since January 2017 is 0.99 percent points less than the rate recorded in February 2018 (14.33) percent.

The NBS also noted that increases were recorded in the Classification of Individual Consumption by Purpose, COICOP, divisions that yielded the headline index.

On a month-on-month basis, the report stated the Headline index increased by 0.84 percent in March 2018, up by 0.05 percent points from the rate recorded in February.

It added that the percentage change in the average composite CPI for the 12-month period ended March over the average of the CPI for previous 12-month period was 15.60 percent.

It indicated that the figures were 0.33 percent lower from 15.93 percent recorded in February.

The report, however, stated that urban inflation rate eased by 13.75 percent (year-on-year) in March from 14.76 percent recorded in February, while the Rural inflation rate also eased by 12.99 percent in March from 13.96 percent in February.

Further analysis showed that the Composite Food Index rose by 16.08 percent (year on year) in March 2018, down from 17.59 percent recorded in February.

“The Composite Food Index rose by 16.08 per cent (year on year) in March 2018, down from the rate recorded in February (17.59 percent).”

It stated that “All Items less Farm Produce’’ or Core inflation, which excluded the prices of volatile agricultural produce, rose by 11.2 percent in March, down by 0.5 percent points from the rate recorded in February (11.7 percent).

 

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