The Nigeria Bureau of Statistics (NBS) in its monthly evaluation for consumer price index, (CPI) which measures inflation disclosed that the figure depreciates to 11.25 per cent (year-on-year) in March 2019, This is 0.06 per cent points lower than the rate recorded in February. On a month-on-month basis, the Headline index increased by 0.79 per cent in March 2019, this is 0.06 per cent rate higher than the rate recorded in February 2019 (0.73) per cent.
The percentage change in the average composite CPI for the twelve months period ending March 2019 over the average of the CPI for the previous twelve months period was 11.40 per cent, showing 0.16 per cent point from 11.56 per cent recorded in February 2019.
The urban inflation rate increased by 11.54 per cent (year-on-year) in March 2019 from 11.59 per cent recorded in February 2019, while the rural inflation rate increased by 10.99 per cent in March 2019 from 11.05 per cent in February 2019.
On Food Index, the composite food index rose by 13.45 per cent in March 2019 compared to 13.47 per cent in February 2019. The agency premised the rise in food index to increases in prices of Bread and cereals, Meat, Fish, Potatoes, Yam and other tubers, Oils and fats, and Soft drinks, Vegetables, and Fruits.
On the state of inflation across the states of the federation, all items inflation on year on year basis was highest in Kebbi (14.65%), Zamfara (13.15%) and Taraba (12.98%), while Kwara (9.84%) Cross River (9.66%) and Delta (9.61%) recorded the slowest rise in headline Year on Year inflation.
On month on month basis, however, March 2019 all items inflation was highest in Kogi (1.91%), Plateau (1.77%), and Lagos (1.63%), while Nasarawa (0.26%), Kwara (0.16%) and Enugu (0.13%) recorded the slowest rise.
