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March inflation drops to 11.25%

By Emmanuel Elebeke

Nigeria’s inflation measured by the Consumer Price Index (CPI) in March dropped by 0.06 per cent points, lower than the rate recorded in the previous month.

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inflation

In its monthly report posted on its website, the National Bureau of Statistics (NBS), said the CPI, which measures inflation decreased to 11.25 per cent (year-on-year) in the month under review.

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The NBS said the new figure is 0.06 per cent points lesser than the 11.31% recorded in February.

‘‘However, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

“On a month-on-month basis, the Headline Index increased by 0.79 per cent in March 2019, this was 0.06 per cent rate higher than the rate recorded in February 2019 (0.73) per cent.

“The percentage change in the average composite CPI for the period of 12 months ending in March over the previous 12 months was 11.40 per cent. But the figure showed 0.16 per cent point from 11.56 per cent recorded in February.”

However, the report indicates that the urban inflation rate increased by 11.54 per cent (year-on-year) in March from 11.59 per cent recorded in February 2019.

According to it, the rural inflation rate increased by 10.99 per cent in March from 11.05 per cent in February.

“On a month-on-month basis, the urban index rose by 0.81 per cent in March 2019, up by 0.05 from 0.76 per cent recorded in February. Also, the rural index rose by 0.77 per cent in March, up by 0.06 from the rate recorded in February (0.71) per cent.

“The corresponding twelve-month year-on-year average percentage change for the urban index is 11.78 per cent in March. This is less than 11.95 per cent reported in February while the corresponding rural inflation rate in March is 11.08 per cent compared to 11.23 per cent recorded in February.

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