The National Bureau of Statistics, NBS, says the Consumer Price Index, CPI, which measures inflation level in the economy, has again slowed – this time by 0.99 per cent points which is the biggest drop in 11 months stretching between March 2017 to March 2018.
Recall that during the last Monetary Policy Committee, MPC, meeting held last week in Abuja, the Central Bank of Nigeria, CBN governor, Godwin Emefiele, had said that members resolved to retain all controlling policy rates at prevailing levels until inflation rate dropped to the single digit zone.
Meanwhile, in the latest figures from the NBS released yesterday, the highest increases were recorded in fruits and vegetables, fish, coffee, eggs and cereals.
The report reads in part, “On a month-on-month basis, the headline index increased by 0.84 percent in March 2018, up by 0.05 percent points from the rate recorded in February.
“The composite food index rose by 16.08 percent (year on year) in March 2018, down from the rate recorded in February (17.59 percent).
“The urban inflation rate eased by 13.75 percent (year-on-year) in March 2018 from 14.76 percent recorded in February, while the rural inflation rate also eased by 12.99 percent in March 2018 from 13.96 percent in February.
“In March 2018, all items inflation on a year on year basis was highest in Bauchi (16.38%), Kebbi (16.36%) and Nasarawa (16.33%), while Kwara (10.30%), Kogi (10.87%) and Delta (11.17%) recorded the slowest rise in headline year on year inflation.
“In March 2018, food inflation on a year on year basis was highest in Nasarawa (20.83%), Bayelsa (19.03%)and Yobe (18.93%), while Kogi (11.99%), Bauchi (12.60%) and Benue (13.07%) recorded the slowest rise in food inflation.”