The National Bureau of Statistics (NBS) today reported that the nation’s Consumer Price Index (CPI), which measures inflation, increased by 13.34 percent (year-on-year) in March this year, representing 0.99 percent points less than the 14.33 percent rate recorded in February.
The Bureau indicated that the latest inflation rate represented the 14th consecutive disinflation trend since January 2017.
According to the official statistics producing agency, in the month under review increases were recorded in all major Classification of Individual Consumption according to Purpose (COICOP), divisions divisions that yield the Headline Index.
A further analysis of the CPI report showed that 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 NBS reported further that the percentage change in the average composite CPI for the 12-month period ended March 2018 over the average of the CPI for the previous 12-month period was 15.60 percent, reflecting 0.33 percent point lower from 15.93 percent recorded in the preceding month.
Similarly, the agency noted that 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 the month under review from 13.96 percent in February.
The Bureau clarified: “On month-on-month basis, the urban index rose by 0.86 percent in March 2018, up by 0.04 from 0.82 percent recorded in February, while the rural index also rose by 0.82 percent in March 2018, up by 0.05 from 0.77 percent recorded in February.
“The corresponding twelve month year-on-year average percentage change for the urban index is 15.87 percent in March 2018. This is less than 16.24 percent reported in February, while the corresponding rural inflation rate in March 2018 is 15.34 percent compared to 15.64 percent recorded in February”, it added.