{"id":12301,"date":"2017-04-13T15:02:53","date_gmt":"2017-04-13T14:02:53","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=12301"},"modified":"2017-04-13T15:05:45","modified_gmt":"2017-04-13T14:05:45","slug":"inflation-declines-by-0-52-in-march","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/inflation-declines-by-0-52-in-march\/","title":{"rendered":"Inflation declines by 0.52 % in March"},"content":{"rendered":"

The National Bureau of Statistics on Thursday, said that inflation dropped by 0.52 percent in March, the second decline recorded on the year- on- year basis.<\/p>\n

The first decline was recorded in February when inflation dropped by 0.94 per cent.<\/p>\n

In its latest Consumer Price Index for March released in Abuja, the bureau stated that the index, which measured inflation increased by 17.26 per cent year-on-year.<\/p>\n

It, however, stated that the increase was a slower pace in March when compared to February consumer activities, which was 17.78 percent.<\/p>\n

\u201cThis is the second consecutive month of a decline in the headline CPI on a year-on-year basis.<\/p>\n

\u201cIt represents the effects of stabilising prices in already high food and non-food prices as well as favourable base effects over 2016 prices.<\/p>\n

\u201cIt is also indicative of early effects of a strengthened Naira in the foreign exchange market.\u2019\u2019<\/p>\n

According to the report, price increases have been recorded in all Classification of Individual Consumption by Purpose divisions that yield the Headline Index.<\/p>\n

It, however, stated that the major divisions responsible for accelerating the pace of the increase in the headline index were Housing, Water, Electricity and Gas.<\/p>\n

Others it said were Education, Food and Alcoholic Beverages, Clothing and Footware and Transportation Services.<\/p>\n

On a month-on-month basis, the report stated that the Headline index increased by 1.72 percent in March, 0.23 percent points higher from the rate recorded in February.<\/p>\n

The Food Index increased by 18.44 percent (year-on-year) in March, slightly down 0.09 percent points from the rate recorded in February, which was 18.53 percent.<\/p>\n

It stated that the index was driven by increases in the prices of bread, cereals, meat, fish, potatoes, yams and other tubers and wine.<\/p>

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It also stated that the slowest increase in food prices year-on-year was recorded by Soft Drinks, Fruits, Coffee, Tea and Cocoa.<\/p>\n

In addition, the report stated price movements recorded by All Items less farm produce or Core sub-index rose by 15.40 per cent (year-on-year) in March.<\/p>\n

It stated that it was down by 0.60 percent points from the rate recorded in February (16.00) per cent.<\/p>\n

\u201cDuring the month, the highest increases were seen in miscellaneous services relating to dwelling, electricity, solid fuels, clothing materials.<\/p>\n

\u201cIncreases were also seen in other articles of clothing, Liquid fuel, Spirits as well as Fuels and lubricants for personal transport equipment.<\/p>\n

\u201cThe Urban index rose by 18.27 percent (year-on-year) in March from 18.57 percent recorded in February, and the Rural index increased by 16.47 percent in March from 16.98 percent in February.\u2019\u2019<\/p>\n

On month-on-month basis, the report stated the urban index rose by 1.76 percent in March from 1.52 percent recorded in February.<\/p>\n

It further stated that the rural index rose by 1.69 percent in March from 1.47 percent in February.<\/p>\n

CPI measures the average change over time in prices of goods and services consumed by people for day to-day living.<\/p>\n

The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.<\/p>\n

(NAN)<\/p>\n","protected":false},"excerpt":{"rendered":"

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