The National Bureau of Statistics (NBS) on Tuesday reported that Nigeria’s Consumer Price Index (CPI), which measures inflation rate, dipped to 11.25 per cent (year-on-year) in March, representing 0.06 per cent points lower than the rate recorded in February.
The Bureau in its “CPI and Inflation Report’’ stated that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index for the month.
A further analysis of the CPI on a month-on-month basis, showed that the Headline Index increased by 0.79 per cent in March 2019, this higher than the 0.73 percent rate recorded in the preceding month.
According to the agency, the percentage change in the average composite CPI for the period of 12 months ending in March over the previous 12 months was 11.40 percent, indicating 0.16 percent point from 11.56 per cent recorded in February.
The report indicated further that the urban inflation rate increased by 11.54 per cent (year-on-year) in March from 11.59 per cent recorded in February while 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 stated that the urban index rose by 0.81 per cent in March, up by 0.05 from 0.76 percent recorded in the preceding month. In addition, it disclosed that the rural index rose by 0.77 per cent in March, up by 0.06 from the rate recorded in February (0.71) per cent.
By implication, the corresponding 12-month year-on-year average percentage change for the urban index stood at 11.78 per cent in March, lower than the 11.95 percent recorded in February. Also, the corresponding rural inflation rate in March was reported by the Bureau as 11.08 percent compared to 11.23 percent recorded in February.
The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living in a country.
The calculation of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.
