BEVERLY HILLS, April 12, (THEWILL) – The Nigerian economy has recorded a drop in the inflation rate for the 14th consecutive time since January 2017, the National Bureau of Statistics (NBS) said.
According to Data made available by the National Bureau of Statistics (NBS), on Thursday, the Consumer Price Index (CPI) which measures inflation stands at 13.34 per cent (year-on-year) in March 2018.
This means that inflation has again slowed; this time by 0.99 percent points which is the biggest drop in 11 months.
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).