Inflation rate drops to 11.25% in March, says NBS

The bureau in the report said the 11.25 per cent year-on-year inflation rate is 0.06 per cent points lower than the 11.31 per cent recorded in February 2019.

On a month-on-month basis, the report stated that the index increased by 0.79 per cent in March, adding that this was 0.06 percentage points higher than the 0.73 per cent recorded in February.

The report stated that urban inflation 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.

On a month-on-month basis, the NBS said the urban index rose by 0.81 per cent in March, up by 0.05 percentage points from 0.76 per cent recorded in February.

It added that the rural index also rose by 0.77 per cent in March, up by 0.06 percentage points from the 0.71 per cent recorded in February.

The report stated that food index rose by 13.45 per cent in March compared to 13.47 per cent in February.

It said 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.

In terms of state inflation profile, the report said price increases were highest in Kebbi (14.65 per cent), Zamfara (13.15 per cent) and Taraba (12.98 per cent), while Kwara (9.84 per cent) Cross River (9.66 per cent) and Delta (9.61 per cent) recorded the slowest rise in headline year on year inflation.

On a month on month basis however, it said inflation was highest in Kogi (1.91 per cent), Plateau (1.77 per cent), and Lagos (1.63 per cent), while Nasarawa (0.26 per cent), Kwara (0.16 per cent) and Enugu (0.13 per cent) recorded the slowest rise.