12th April, 2018
By Kazeem Ugbodaga
The National Bureau of Statistics, NBS, says the nation’s inflation rate drops by 0.99 percent in March 2018.
According to the body, the Consumer Price Index (CPI) which measured inflation increased by 13.34 percent (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.
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,” it said.
The NBS said 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,” it stated.