In the latest released by the National Bureau of Statistics, the rate of inflation in Nigeria recorded a marginal decrease in the month of March, 2017.
According to the NBS March inflation report, on a Headline basis, the Consumer Price Index, CPI, which measures inflation, increased by 17.26 percent (year-on-year) albeit at a slower pace in March 2017, 0.52 percent points lower from the rate recorded in February (17.78) percent.
This is the second consecutive month of a decline in the headline CPI on a year-on-year basis, representing the effects of stabilizing prices in already high food and non-food prices as well as favourable base effects over 2016 prices. “It is also indicative of early effects of a strengthened naira in the foreign exchange rate market.
The Director General, National Bureau of Statistics, NBS, Yemi Kale, said the major divisions responsible for accelerating the pace of the increase in the headline index were housing, water, electricity, natural gas and other fuel, education, food and alcoholic beverages, clothing and footware, and transportation services.
Details of the report showed that the food sub-index for the month rose by 2,21 per cent, from 1,99 per cent in February on a month-to-month basis.
On a year-on-year basis, the sector recorded a reduction from 18.53 per cent in the previous months to 18.44 per cent.
The report said the core-sub-index also rose by 1.32 per cent on month-on-month basis, from 1.10 per cent in February. The figure on a year-on-year basis was a reduction from 16 per cent in February to about 15.4 per cent.
The highest increases in the core-sub-index was dwelling, electricity, clothing materials and other articles of clothing, book and stationaries, liquid fuel, lubricants for personal transport equipment and solid fuels.
Similarly, the urban index for the month also rose by 1.76 per cent from 1.52 per cent in February, as against a reduction from 18.57 per cent to 18.27 per cent on a year-on-year basis.
The rural index showed an increase of 1.69 per cent, from 1.47 per cent in the previous month, against a reduction from 16.98 per cent to 16.47 per cent on year-on-year basis.