Inflation records 14th consecutive month of decline, now 13.34%

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Inflation records 14th consecutive month of decline, now 13.34%

National Bureau of statistics

The National Bureau of Statistics on Thursday said the country’s Consumer Price Index, which measures inflation, rose by 13.34 per cent (year-on-year) in March.

The bureau stated in its report that the 13.34 per cent rate for March was 0.99 per cent points less than the 14.33 per cent recorded in February.

The report noted that this was the 14th consecutive month since January 2017 that the country would be experiencing a slowdown in inflation.

The report read in part, “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.

“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 per cent).”

On a month-on-month basis, the headline index increased by 0.84 per cent in March 2018, up by 0.05 percentage points from the rate recorded in February.

The report put the urban inflation rate at 13.75 per cent year-on-year in March from 14.76 per cent recorded in February, while the rural inflation rate also eased by 12.99 per cent in March from 13.96 per cent in February.

On month-on-month basis, the report stated that the urban index rose by 0.86 per cent in March, up by 0.04 from 0.82 per cent recorded in February, while the rural index similarly climbed up by 0.82 per cent in March, up by 0.05 from 0.77 per cent recorded in February.

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, had said the apex bank held the lending rate at 14 per cent to strengthen the impact of monetary policy on inflation.He had argued that loosening the current monetary policy stance would strengthen the outlook for growth but might lead to a rise in consumer prices and put exchange rate pressures on the naira.

 

Culled from Punch

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