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Headline Inflation Drops to 13.34% in March 2018; 0.99% Lower Than February 2018 Rate

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Thursday, April 12, 2018 /09:00 AM / NBS 

All Item Index

The Consumer Price Index (CPI) which measures inflation increased by 13.34 percent (year-on-year) in March 2018. This fourteenth consecutive disinflation since January 2017 is 0.99 percent points less than the rate recorded in February 2018 (14.33) percent. Increases were recorded in all COICOP divisions that yield the Headline Index. 

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 percent 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.
 

On month-on-month basis, the urban index rose by 0.86 percent in March 2018, up by 0.04 from 0.82 percent recorded in February, while the rural index also rose by 0.82 percent in March 2018, up by 0.05 from 0.77 percent recorded in February.
 

The corresponding twelve month year-on-year average percentage change for the urban index is 15.87 percent in March 2018. This is less than 16.24 percent reported in February, while the corresponding rural inflation rate in March 2018 is 15.34 percent compared to 15.64 percent recorded in February.
 

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Food Index
The Composite Food Index rose by 16.08 percent (year on year) in March 2018, down from the rate recorded in February (17.59 percent). On a month-on-month basis, the Food sub-index increased by 0.90 percent in March 2018, up by 0.05 percent points from 0.85 percent recorded in February. 

The average annual rate of change of the Food sub-index for the twelve-month period ending March 2018 over the previous twelve month average was 19.29 percent, 0.23 percent points from the average annual rate of change recorded in February (19.52) percent.The rise in the food index was caused by increases in prices of Bread and cereals, Fish, Oil and fats, Vegetables, Fruits, Coffee, tea and cocoa, Meat, milk, cheese and eggs.
 

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All Items Less Farm Produce (Core Inflation)
The ‘’All Items less Farm Produce’’ or Core inflation, which excludes the prices of volatile agricultural produce, rose by 11.2 percent in March 2018, down by 0.5 percent points from the rate recorded in February (11.7) percent. On a month-on-month basis, the Core sub-index increased by 0.84 percent in March 2018, higher by 0.09 percent when compared with 0.75 percent recorded in February.  

The average 12-month annual rate of change of the index was 12.33 percent for the twelve-month period ending March 2018; this is 0.34 percent points lower than 12.67 percent recorded in February.
 

The highest increases were recorded in prices of Clothing materials, Garments and other articles of clothing and clothing accessories, Vehicle spare parts, Fuel and lubricants for personal transport equipment, Actual and imputed rentals for housing, Passenger transport by road, Hairdressing salons and personal grooming establishments, Shoe and other footwear, Maintenance and repair of personal transport equipment and Paramedical services.
 

State Profiles
In analyzing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across States. Accordingly, the weight assigned to a particular food or non-food item may differ from State to State making inter State comparisons of consumption basket inadvisable and potentially misleading 

All Items Inflation
In March 2018, all items inflation on a year on year basis was highest in Bauchi (16.38%), Kebbi (16.36%) and Nasarawa (16.33%), while Kwara (10.30%),Kogi (10.87%) and Delta (11.17%) recorded the slowest rise in headline Year on Year inflation.

On a month on month basis however, all items inflation was highest in Nasarawa (2.20%), Ebonyi (2.10%) and Bauchi (1.87%), while Yobe (0.07%) recorded slowest rise and Kebbi and Kwara recorded price deflation on a month on month all item basis in March 2018.

Food Inflation
In March 2018, food inflation on a year on year basis was highest in Nasarawa (20.83%), Bayelsa (19.03%)and Yobe (18.93%), while Kogi (11.99%), Bauchi (12.60%) and Benue (13.07%) recorded the slowest rise in food inflation. 

On a month on month basis however, March 2018 food inflation was highest in Nasarawa (3.22%), Ebonyi (2.97%) and Jigawa (2.37%), while Kebbi, Imo. Niger, Kwara, Lagos, Rivers and Yobe all recorded food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate) in March 2018.
 

Click Here to Download March 2018 CPI PDF Report 


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Latest 2018 NBS Reports
 

Q2 2018
1. Average Prices of PMS, AGO, HHK and Cooking Gas – March 2018
2. Updated 2017 IGR Report – Osun State Grows IGR by 32.04% in FY 2017 

Q1 2018

  1. FAAC Disburses N635.55bn in February 2018 - NBS
  2. Lagos State Has The Highest Domestic and Foreign Debts as at December 2017 - NBS
  3. States Generate N931.23bn as IGR in 2017 - NBS
  4. Average Air Fare Increased by 1.47% MoM in February 2018 - NBS
  5. Average Price of 1kg of Yam Tuber Increased by 7.10% YoY in February 2018 - NBS
  6. Headline Inflation Drops to 14.33% in February 2018; 0.8% Lower Than January 2018 Rate
  7. Average Prices of PMS, AGO, HHK and Cooking Gas – February 2018
  8. Lagos, Abuja, Port Harcourt, Owerri and Kano Airports Served Over 92% of Total Passengers in Q4 2017
  9. 4,175 Ocean Going Vessels Recorded at Nigerian Ports in 2017
  10. Total Value of Capital Imported into Nigeria in Q4 2017 Estimated at $5,382.89m - NBS
  11. Nigeria’s GDP Grows in Real Terms by 1.92% in Q4 and 0.83% for Full Year 2017
  12. FAAC Disburses N655.18bn in January 2018 – NBS
  13. N254.10bn Generated as VAT in Q4 2017 – NBS
  14. Total Active Voice Subscription Increased by 3.69% in Q4 2017 – NBS
  15. 18.36bn Litres of PMS Distributed State-wide in 2017 – NBS
  16. 5.84m Students Enrolled in Junior Secondary Schools in 2016 - NBS
  17. 2,489 Road Traffic Crashes Occurred in Q4 2017 - NBS
  18. Average Air Fare Increased by 7.34% YoY in January 2018 - NBS
  19. Headline Inflation Drops to 15.13% in January 2018; 0.24% Lower Than 15.37% December Rate
  20. Average Prices of PMS, AGO, HHK and Cooking Gas – January 2018
  21. 7.82m Workers Are Registered Under the Pension Scheme as at Q4 2017 - NBS
  22. Daily Energy Generation Attained a Peak of 94,627MWh in Q4 2017 - NBS
  23. Banking Sector Records 461.98m Volume of Transactions in Q4 2017 - NBS
  24. 77.5m Persons Engaged in Some Sort of Economic Activities in Q3 2017 - NBS
  25. Average Fare Paid by Passengers for Water Transport Increased by 6.05% MoM to N631.55 in Dec 2017
  26. Average Price of 1kg of Yam Tuber Decreased by -3.67% YoY to N211.61 in December 2017 - NBS
  27. Headline Inflation Drops to 15.37% in December 2017; 0.53% Lower Than 15.90% November Rate
  28. Average Prices of PMS, AGO, HHK and Cooking Gas – December 2017
  29. Active Voice Subscribers Dropped by 8.73% in Q3 2017 – NBS
  30. Inequality in Nigeria Worsened Between 2004 and 2013 But Improved in 2016 – NBS
  31. FAAC Disburses N609.96bn in December 2017 – NBS
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