Nigeria: inflation falls to 11.25% in March – NBS

Factual Pursuit of Truth for Progress
By Benjamin Orisemeke

The consumer price index, (CPI) which measures inflation increased by 11.25 percent (year-on-year) in March 2019. This is 0.06 percent lower than the 11.31 per cent recorded in February 2019.

In its Consumer Price Index report for March 2019, National Bureau of Statistics (NBS) stated that on month-on-month basis, the headline index increased by 0.79 percent in March 2019, which is 0.06 percent rate higher than the 0.73 per cent rate recorded in February 2019.

The NBS noted that composite food index rose by 13.45 percent in March 2019 compared to 13.47 percent in February 2019.

“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.

Core inflation stood at 9.5 percent in March 2019, down by 0.3 percent when compared with 9.8 percent recorded in February 2019.

On month-on-month basis, the core sub-index increased by 0.53 percent in March 2019. This was down by 0.12 percent when compared with 0.65 percent recorded in February 2019.

The highest increases were recorded in prices of domestic and household services, tobacco, actual and imputed rent for housing, dental, medical and hospital services, tobacco, major household appliances

Meanwhile, the CPI report revealed that on a year-on-year basis, food inflation for the month of March 2019 was highest in Kebbi (16.35%), Niger (16.22%) and Kwara (15.95%), while Bauchi (11.82%), Delta (11.70%) and Ogun (11.55%) recorded the slowest rise.

On a month-on-month basis, however, food inflation in March 2019 was highest in Kogi which recorded 2.97%, Lagos and Plateau (2.11%) and Oyo (2.04%), while Imo and Nasarawa (0.12%), Enugu (0.11%) recording the slowest rise with Bayelsa recording food price recording deflation or negative inflation.


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