- The National Bureau of Statistics (NBS) has revealed that the Nigerian inflation rate fell for the second time in 16 months
- The year-on-year headline inflation dropped to 17.26% in March 2017 from 17.78 percent in February 2017
The National Bureau of Statistics (NBS) has revealed that the Nigerian inflation rate fell for the second time in 16 months, but food prices stay on the high side.
According to The Cable, the year-on-year headline inflation dropped to 17.26% in March 2017 from 17.78% in February 2017 but month-on-month rose by 1.72% from 1.49% in the previous month.
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In March 2017, year-on-year food inflation came in at 18.44% from 18.53% in February 2017.
On a monthly basis, food prices rose by 2.21% from 1.99% driven by hike in the prices of bread, cereals, eggs, milk, meat, yam, potato and other tubers.
NBS via the March inflation report said: “During the month, the highest increases were seen in Miscellaneous services relating to the dwelling, electricity, solid fuels, clothing materials and other articles of clothing, Liquid fuel, Spirits as well as Fuels and lubricants for personal transport equipment”
Despite the drop, inflation rate still remains at an 11-year high, as Nigeria inches its way out of its deepest recession in nearly three decades.
NAIJ.com previously reported that Nigeria inflation rate finally fell for the first time since 2015 as consumer price index (CPI), which measures inflation in the economy went down in what signals as a recovery in the Nigerian economy even as price of food commodities continue to rise.
The National Bureau of Statistics (NBS) says the inflation rate dropped from 18.72 percent in January 2017, to 17.78 percent in February 2017.
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However, the price of food commoditoes like gari, rice have skyrocketed by over 70 per cent between February 2016 and February 2017.
NBS showed that the average prices of beans, beef, tinned milk, frozen chicken, onion, tomato and yam also recorded unprecedented leaps in the last one year.
Meanwhile in the NAIJ.com market survey below prices of goods soar in the market in-spite of dollar crash.
