The National Bureau of Statistics (NBS) has said that Nigeria’s inflation rate for the month of March this year dropped to 11.25 percent.
The NBS said in its monthly report of the consumer price index, (CPI), which measures inflation, that the figure was 0.06 percent points lower than the rate of 11.31 percent recorded in February 2019.
It noted that increases were recorded in all divisions that yielded the Headline index.
According to the report, on month-on-month basis, the Headline index increased by 0.79 percent in March 2019, representing 0.06 percent rate higher than the rate recorded in February 2019 (0.73) percent.
The percentage change in the average composite CPI for the 12 months period ending March 2019 over the average of the CPI for the previous 12 months period was 11.40 percent, showing 0.16 percent point from 11.56 percent recorded in February 2019. The composite food index rose by 13.45 percent in March 2019 compared to 13.47 percent in February
2019.
The report noted that this rise in the food index was caused by increases in prices of bread and cereals, meat, fish, potatoes, yam and other tubers, oils and fats, and soft drinks, vegetables, and fruits.
On month-on-month basis, the food sub-index increased by 0.88 percent in March 2019, up by 0.06 percent points from 0.82 percent recorded in February 2019.
The average annual rate of change of the Food sub-index for the 12-month period ending March 2019 over the previous 12-month average was 13.42 percent, 0.20 percent points from the average annual rate of change recorded in February 2019 (13.62) percent.
GIK/APA