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 Nigeria Naira.
The decline in inflation rate from 17.78 per cent in February represents the second consecutive decline in two months, after 15 months of increase from eight per cent in December 2014 to 18.62 per cent in January.
According to the NBS March inflation report: “On a Headline basis, the Consumer Price Index, 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. “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.