Nigeria’s Inflation Rate Drops to Lowest in 14 Months

The National Bureau of Statistics (NBS) disclosed this in its CPI report for March released on Thursday, April 12, 2018, in Abuja, the nation’s capital.

The Bureau said the Consumer Price Index (CPI) which measures inflation increased by 13.34%  (year-on-year) in March 2018. This fourteenth consecutive disinflation since January 2017 is 0.99% points less than the rate recorded in February 2018 (14.33%).

The report states that: “Increases were recorded in all COICOP divisions that yield the Headline Index.

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

“The percentage change in the average composite CPI for the twelve month period ending March 2018 over the average of the CPI for the previous twelve month period was 15.60 percent, showing 0.33 percent point lower from 15.93 percent recorded in February 2018.

“The Urban inflation rate eased by 13.75 percent (year-on-year) in March 2018 from 14.76 percent recorded in February, while the Rural inflation rate also eased by 12.99 percent in March 2018 from 13.96 percent in February.

 

Source: Pulse