Nigeria’s inflation rate dropped to 13.34% in March – NBS

Nigeria’s inflation rate measured by the Consumer Price Index (CPI) dropped from 14.33 in February to 13.34 per cent in March year-on-year, the National Bureau of Statistics (NBS) disclosed in its CPI report for March.

The bureau stated in the CPI report released on Thursday in Abuja that the figure showed 14 consecutive reductions in inflation rate since January 2017.

According to the bureau, the figure is 0.99 per cent points less than the 14. 33 per cent recorded in February.

The NBS, however, 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 per cent in March 2018, up by 0.05 per cent 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 per cent.

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

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

According to the report, 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 per cent).

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