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Inflation drops to 11.25 percent in March

Inflation drops to 11.25 percent in March
Nigeria’s inflation rate has dropped to 11.25 percent year on year for March 2019, the National Bureau of Statistics, NBS, said on Tuesday.
According to the report released by the bureau, the inflation rate for the month of March is 0.06 percent lower than the 11.31 per cent recorded in February 2019.

The report further states that on a month-on-month basis, the index increased by 0.79 per cent in March. The report also revealed that this was 0.06 percentage points higher than the 0.73 per cent recorded in February.

For urban inflation, the rate increased by 11.54 per cent year-on-year in March 2019 from 11.59 per cent recorded in February, while the rural inflation rate increased by 10.99 per cent in March from 11.05 per cent in February.

The NBS however said the urban index on a month-on-month basis, rose by 0.81 per cent in March, up by 0.05 percentage points from 0.76 per cent recorded in February, while the rural index rose by 0.77 per cent in March, up by 0.06 percentage points from the 0.71 per cent recorded in February.

The NBS further revealed food index rose by 13.45 per cent in March compared to 13.47 per cent in February.

According to the report, the 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.

The report lists Kebbi, Zamfara, Taraba, Kwara, Cross River and Delta as the states with the highest increase in prices.

Inflation was however highest on a month on month basis in Kogi (1.91 per cent), Plateau (1.77 per cent), and Lagos (1.63 per cent).

Nasarawa (0.26 per cent), Kwara (0.16 per cent) and Enugu (0.13 per cent), the report said recorded the slowest rise.

Timothy Enietan-Matthews

Timothy is a versatile journalist, down to earth with a critical and curious mind.

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Timothy Enietan-Matthews

Timothy is a versatile journalist, down to earth with a critical and curious mind.

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