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 the latest figures released on Thursday by the National Bureau of Statistics (NBS), the Consumer Price Index (CPI) which measures inflation increased by 13.34 per cent (year-on-year) in March 2018.
“This fourteenth consecutive disinflation since January 2017 is 0.99 percent points less than the rate recorded in February 2018 (14.33) percent. Increases were recorded in all COICOP divisions that yield the Headline Index,” the statistics agency said in its report.
According to them, on a month-on-month basis, the headline index increased by 0.84 per cent in March 2018, up by 0.05 percent points from the rate recorded in February.
The NBS revealed further that 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 also eased by 13.75 per cent (year-on-year) in March 2018 from 14.76 per cent recorded in February, while the rural inflation rate eased by 12.99 per cent in March 2018 from 13.96 percent in February.
The latest data shows that on a month-on-month basis, the urban index rose by 0.86 per cent in March 2018, up by 0.04 from 0.82 per cent recorded in February, while the rural index also rose by 0.82 per cent in March 2018, up by 0.05 from 0.77 percent recorded in February.
The corresponding twelve-month year-on-year average percentage change for the urban index is 15.87 percent in March 2018.
NBS noted that this is less than the 16.24 per cent reported in February, while the corresponding rural inflation rate in March 2018 is 15.34 percent compared to 15.64 percent recorded in February.