The National Bureau of Statistics (NBS) has said that consumer price index (CPI), which measures inflation, nosedived for the 12th time to settle at 11.25 per cent (year-on-year) in March 2019.
The reduction translates into 0.06 per cent points lower than the 11.31 per cent figure recorded in February.
The bureau said in the statistics it released yesterday that composite food index rose by 13.45 per cent in March 2019 compared to 13.47 per cent in February 2019.
It attributed rise in the food index in the month under consideration to increases in prices of bread and cereals, meat, fish, potatoes, yam and foodstuff like tubers, oils and fats, and soft drinks, vegetables, and fruits.
“Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index. On 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 12 months period ending March 2019 over the average of the CPI for the previous 12 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 a month-on-month basis, the urban index rose by 0.81 per cent in March 2019, up by 0.05 from 0.76 per cent recorded in February 2019, while the rural index also rose by 0.77 per cent in March 2019, up by 0.06 per cent from the rate recorded in February 2019 (0.71) per cent,” NBS clarified.
On food index, it said composite food index rose by 13.45 per cent in March 2019 compared to 13.47 per cent in February 2019.
“This rise in the food index was caused 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 per cent in March 2019, up by 0.06 per cent points from 0.82 per cent recorded in February 2019. The average annual rate of change of the Food sub-index for the 12-month period ending March 2019 over the previous 12-month average was 13.42 per cent, 0.20 per cent points from the average annual rate of change recorded in February 2019 (13.62) per cent,” NBS stated in the report.
Inflation trend varies accordingly from state to state in March, NBS’ findings showed.
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