NBS Releases March CPI Report As Nigeria’s Inflation Drops To 13.34%

The National Bureau of Statistics (NBS) on Thursday, April 12, 2018, released March 2018 inflation report for the oil-rich West African country, Nigeria.

The NBS report for March 2018 shows that the inflation rate measured by the Consumer Price Index (CPI), dropped for 14th consecutive time to 13.34 percent from 14.33 percent recorded in February 2018.

The report said 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 2018.

The Bureau said the CPI which measures inflation increased by 13.34 percent (year-on-year) in March 2018.

The NBS report revealed that the rate recorded made it the fourteenth consecutive disinflation since January 2017, a 0.99 percent points less than the rate recorded in February 2018 (14.33) percent.

The Bureau noted that increases were recorded in all COICOP divisions that yield the Headline Index.

The NBS said the percentage change in the average composite CPI for the twelve month period ending March 2018 over the average of the CPI for the previous twelve month period was 15.60 percent, showing 0.33 percent point lower from 15.93 percent recorded in February 2018.

The Bureau said 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.

Meanwhile, the Consumer Price Index measures the average change over time in prices of goods and services consumed by people for a day-to-day living.

The construction 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 economy of Nigeria.

The selection of the market basket of goods and services is key in the construction of the price index.

On a monthly basis, 10,534 informants spread across the country provide price data for the computation of the CPI and the market items currently comprise of 740 goods and services regularly priced.

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