Inflation declines — and it’s the biggest drop in 11 months

Data made available by the National Bureau of Statistics (NBS) shows that inflation has again slowed; this time by 0.99 percent points which is the biggest drop in 11 months.

In the Consumer Price Index and Inflation Report for March 2018, the NBS said inflation rate has dropped in 13.34 percent from 14.33 percent in February.

This is the 14th consecutive month of disinflation since February 2017 when inflation first slowed.

The highest increases were recorded in fruits and vegetables, fish, coffee, eggs and cereals.

“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 report read.

“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.”

Inflation had doubled in January 2017 after the economy slipped into a recession in 2016. With consistent disinflation, the economy exited recession mid-2017.