Inflation rate in Nigeria down to 17.26% due to food price stability

nigerian farmers1 - Inflation rate in Nigeria down to 17.26% due to food price stability

Due to the stability of goods and services in Nigeria, the inflation rate in the country droppeed to 17.26 per cent in the month of march.

The decline in National Bureau of Statistics, NBS, yesterday, said inflation rate dropped to 17.26 per cent in March, due to stability of already high prices of goods and services as well as impact of recent appreciation of naira.

The decline in inflation rate from 17.78 per cent in February to 17.26% represents the second consecutive decline in two months, and according to the National Bureau of Statistics, NBS, this was due to the stablity in price of already high food price and also the Naira gaining in the Foreign exchange market.

CPI, which measures inflation, increased by 17.26 percent (year-on-year) albeit at a slower pace in March 2017, 0.52 percent points lower from the rate recorded in February (17.78) percent. “This is the second consecutive month of a decline in the headline CPI on a year-on-year basis, representing the effects of stabilizing prices in already high food and non-food prices as well as favourable base effects over 2016 prices.

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“It is also indicative of early effects of a strengthened naira in the foreign exchange rate market.” “Price Increases were recorded in all COICOP divisions that yield the Headline Index. However, the major divisions responsible for accelerating the pace of the increase in the headline index were Housing, Water, Electricity,

Gas and Other Fuel, Education, Food and Alcholoic Beverages, Clothing and Footware and Transportation Services. On a month-on-month basis, the Headline index increased by 1.72 percent in March 2017, 0.23 percent points higher from the rate recorded in February.

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