Nigeria’s Inflation Moderates to 13.34% in March 2018—NBS

By Dipo Olowookere

In the month of March 2018, inflation reduced to 13.34 percent from 14.33 percent recorded in the month of February 2018.

According to data released on Thursday by the National Bureau of Statistics (NBS), this drop represented 99.9 percent and the 14th consecutive disinflation since January 2017.

According to the stats office, 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 12 month period ending March 2018 over the average of the CPI for the previous 12 month period was 15.60 percent, showing 0.33 percent point lower from 15.93 percent recorded in February 2018, it said.

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.

The NBS said in its report today that on month-on-month basis, the urban index rose by 0.86 percent in March 2018, up by 0.04 from 0.82 percent recorded in February, while the rural index also rose by 0.82 percent 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. This is less than 16.24 percent reported in February, while the corresponding rural inflation rate in March 2018 is 15.34 percent compared to 15.64 percent recorded in February.

For the Composite Food Index, it rose by 16.08 percent (year on year) in March 2018, down from the rate recorded in February (17.59 percent).

On a month-on-month basis, the Food sub-index increased by 0.90 percent in March 2018, up by 0.05 percent points from 0.85 percent recorded in February.

The average annual rate of change of the Food sub-index for the twelve-month period ending March 2018 over the previous twelve month average was 19.29 percent, 0.23 percent points from the average annual rate of change recorded in February (19.52) percent.

The rise in the food index was caused by increases in prices of Bread and cereals, Fish, Oil and fats, Vegetables, Fruits, Coffee, tea and cocoa, Meat, milk, cheese and eggs.