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Inflation rate drops again in NBS March report, now at 13.34%



FG's VAT on import drops N3.58bn in Q1 2018

The National Bureau of Statistics (NBS) report released Thursday announced that Consumer Price Index (CPI), which measures inflation, rose by 13.34 per cent (year-on-year) in March 2018.

The report disclosed that the March 13.34 per cent is 0.99 percentage points less than the 14.33 per cent recorded in the preceding month of February.

The latest report means that for fourteen consecutive months since January 2017, inflation rate in Nigeria has continued to experience slowdown.

“The Consumer Price Index 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 per cent points less than the rate recorded in February 2018 (14.33) per cent.

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“The Composite Food Index rose by 16.08 per cent (year on year) in March 2018, down from the rate recorded in February (17.59 percent),” the NBS report read in part.


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