New data by Nigeria’s National Bureau of Statistics (NBS) on Tuesday morning shows that Consumer Price Index (CPI) for the month of March rose Year-on-Year at a slower 11.25% than the 11.31% recorded in February, even as it increased 0.79% Month-on-Month from 0.73% in February.
While urban inflation rate increased by 11.54% (year-on-year) in March 2019 from 11.59% recorded in February 2019, just as rural inflation rate increased by 10.99% in March 2019 from 11.05% in the preceding month.
Also, the urban index rose by 0.81% MoM in March 2019, up by 0.05 from 0.76% in February 2019, the rural index also climbed by 0.77% in March 2019, up from the previous month’s 0.71%.
The composite food index rose by 13.45% in March 2019, marginally lower, when compared to 13.47% in February 2019; with the growth propelled by increases in prices of Bread and cereals, Meat, Fish, Potatoes, Yam and other tubers, Oils and fats, and Soft drinks, Vegetables, and Fruits.
“On month-on-month basis, the food sub-index increased by 0.88% in March 2019, up by 0.06% points from 0.82% recorded in February 2019,” with the average annual rate of change for the 12-month period ending March 2019 over the previous 12-month average was 13.42%, 0.2% points from the average annual rate of change recorded in February 2019 (13.62%).
According to the NBS report, ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 9.5 percent in March 2019, down by 0.3 percent when compared with 9.8 percent recorded in February 2019.”
On month-on-month basis, the core sub-index increased by 0.53% in March 2019, down by 0.12%, compared with 0.65% recorded in February 2019, with the highest increases recorded in prices of domestic and household services, tobacco, actual and imputed rent for housing, dental, medical and hospital services, tobacco, major household appliances.
The average 12-month annual rate of change of the index was 10.04% for the 12-month period ending March 2019; this is 0.15% points lower than 10.19% recorded in February 2019.
On a state-by-state basis, Year on Year headline inflation was at its peak in Kebbi, 14.65%; followed by Zamfara with 13.15%; and Taraba, 12.98%; it was however at its slowest growth rate in Delta with 9.61%; followed by Cross River’s 9.66%; and Kwara, 9.84%.
MoM March 2019 inflation was however highest in Kogi, where it hit 1.91%; ahead of 1.77% in Plateau; and Lagos, 1.63%; and at its slowest growth rate in Enugu with 0.13%; Kwara, 0.16%; and Nasarawa, 0.26%.
In March 2019, YoY food inflation was highest in Kebbi where it attained 16.35%; Niger, 16.22%; and Kwara, 15.95%; just as growth was the slowest pace in Ogun, 11.55%; Delta, 11.70%; and Bauchi, 11.82%.
On month on month basis, however, March 2019 food inflation was highest in Kogi, 2.97%; Lagos and Plateau, 2.11% and Oyo 2.04%; while Enugu was slowest at 0.11%; followed by Imo and Nasarawa at 0.12%.