Inflation falls to 11.25 per cent ― NBS

Consumer price index, (CPI) which measures inflation increased by 11.25 per cent (year-on-year) in March 2019.

However, food index rose by 13.45 per cent in March 2019 compared to 13.47 per cent in February 2019.

In its inflation statistics for March 2019 released on its website on Tuesday, National Bureau of Statistics (NBS) noted that the 11.25 per cent is 0.06 per cent points lower than the rate recorded in February 2019 (11.31) per cent.

On a month-on-month basis, the headline index increased by 0.79 per cent representing 0.06 per cent rate higher than the rate recorded in February 2019 (0.73) per cent.

The percentage change in the average composite CPI for the twelve months period ending March 2019 over the average of the CPI for the previous twelve months period was 11.40 per cent, showing 0.16 per cent point from 11.56 per cent recorded in February 2019.

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

On a month-on-month basis, the urban index rose by 0.81 per cent in March 2019, up by 0.05 from 0.76 per cent recorded in February 2019, while the rural index also rose by 0.77 per cent in March 2019, up by 0.06 from the rate recorded in February 2019 (0.71) per cent.

The corresponding twelve-month year-on-year average percentage change for the urban index is 11.78 per cent in March 2019.

This is less than 11.95 per cent reported in February 2019, while the corresponding rural inflation rate in March 2019 is 11.08 per cent compared to 11.23 per cent recorded in February 2019.

NBS explained that 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.

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On a month-on-month basis, the food sub-index increased by 0.88 per cent in March 2019, up by 0.06 per cent points from 0.82 per cent recorded in February 2019.

The average annual rate of change of the food sub-index for the twelve-month period ending March 2019 over the previous twelve-month average was 13.42 per cent, 0.20 per cent points from the average annual rate of change recorded in February 2019 (13.62) per cent.

All items inflation on year on year basis was highest in Kebbi (14.65%), Zamfara (13.15%) and Taraba (12.98%), while Kwara (9.84%) Cross River (9.66%) and Delta (9.61%) recorded the slowest rise in headline year on year inflation.

On month on month basis, however, March 2019 all items inflation was highest in Kogi (1.91%), Plateau (1.77%), and Lagos (1.63%), while Nasarawa (0.26%), Kwara (0.16%) and Enugu (0.13%).

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