Nigeria’s inflation rate measured by the Consumer Price Index (CPI) dropped from 14.33 in February to 13.34 per cent in March year-on-year, the National Bureau of Statistics (NBS) CPI report for March has shown.
It stated in the CPI report released yesterday in Abuja that the figure showed 14 consecutive reductions in inflation rate since January 2017.
However, in another survey report titled ‘Conflict In Nigeria And Food Insecurity In Conflict-Affected Areas’, the NBS noted that conflicts involving Boko Haram, herdsmen and pirates across the Northeast, Northcentral, and Southsouth between 2010-2017 significantly contributed to food insecurity.
In its Consumer Price Index (CPI) and Inflation Report for March 2018, the NBS noted that for the 14th consecutive month of inflation slow-down which began in February 2017, Nigeria’s inflation rate dropped from 14.33 to 13.34 per cent.
“The CPI which measures inflation increased by 13.34 per cent (year-on-year) in March 2018; this fourteenth consecutive disinflation since January 2017 is 0.99 per cent points less than the rate recorded in February 2018 (14.33) percent.
“On a month-on-month basis, the Headline index increased by 0.84 per cent in March 2018, up by 0.05 perm cent points from the rate recorded in February.
“The percentage change in the average composite CPI for the twelve month period ending March 2018 over the average of the CPI for the previous twelve month period was 15.60 percent, showing 0.33 percent point lower from 15.93 per cent recorded in February 2018.
“The Urban inflation rate eased by 13.75 percent (year-on-year) in March 2018 from 14.76 percent recorded in February, while the Rural inflation rate also eased by 12.99 percent in March 2018 from 13.96 percent in February,” the report stated.
The NBS report on inflation also covered all items and specific food prices in various states.
“In March 2018, all items inflation on a year on year basis was highest in Bauchi (16.38 per cent), Kebbi (16.36 per cent) and Nasarawa (16.33 per cent), while Kwara (10.30 per cent),Kogi (10.87 per cent) and Delta (11.17 per cent) recorded the slowest rise in headline Year on Year inflation.
“In March 2018, food inflation on a year on year basis was highest in Nasarawa (20.83per cent), Bayelsa (19.03per cent)and Yobe (18.93 per cent), while Kogi (11.99 per cent), Bauchi (12.60 per cent) and Benue (13.07 per cent) recorded the slowest rise in food inflation,” it added.
In the NBS’ report on ‘Conflict In Nigeria And Food Insecurity In Conflict-Affected Areas’, the NBS’ survey indicates that the majority of households in the three geo-political zones surveyed recorded high degree of food insecurity.
“Food insecurity as measured in the survey could be transitory; markets are the main source of food, and there is plenty of food available in the market.
“However, high food prices are the largest concern in all three regions, which is in line with high (national) food inflation rates.
“The relationship between household characteristics and food security vary regionally, but some patterns emerge: Larger households are more likely to be food insecure, more educated households more food secure,” NBS noted.