Headline Inflation Increases By 11.25% YoY in March 2019; 0.06% Lower Than February 2019 Rate

Proshare

Tuesday, April 16, 2019  08:30 AM / NBS

 

All Item Index

The consumer price index, (CPI) which measures inflation increased by 11.25 percent (year-on-year) in March 2019. This is 0.06 percent points lower than the rate recorded in February 2019 (11.31) percent. 

Increases were recorded in all COICOP divisions that yielded the Headline index. 

On month-on-month basis, the Headline index increased by 0.79 percent in March 2019, this is 0.06 percent rate higher than the rate recorded in February 2019 (0.73) percent. 

The percentage change in the average composite CPI for the twelve months period ending March 2019 over the average of the CPI for the previous twelve months period was 11.40 percent, showing 0.16 percent point from 11.56 percent recorded in February 2019. 

The urban inflation rate increased by 11.54 percent (year-on-year) in March 2019 from 11.59 percent recorded in February 2019, while the rural inflation rate increased by 10.99 percent in March 2019 from 11.05 percent in February 2019. 

On a month-on-month basis, the urban index rose by 0.81 percent in March 2019, up by 0.05 from 0.76 percent recorded in February 2019, while the rural index also rose by 0.77  percent in March 2019, up by 0.06 from the rate  recorded in February 2019 (0.71) percent. 

The corresponding twelve-month year-on-year average percentage change for the urban index is 11.78 percent in March 2019. This is less than 11.95 percent reported in February 2019, while the corresponding rural inflation rate in March 2019 is 11.08 percent compared to 11.23 percent recorded in February 2019. 

 

Proshare Nigeria Pvt. Ltd.

 

 

Food Index

The composite food index rose by 13.45 percent in March 2019 compared to 13.47 percent in February 2019. 

This rise in the food index was caused by increases in prices of Bread and cereals, Meat, Fish, Potatoes, Yam and other tubers, Oils and fats, and Soft drinks, Vegetables,  and Fruits. 

On month-on-month basis, the food sub-index increased by 0.88 percent in March 2019, up by 0.06 percent points from 0.82 percent recorded in February 2019.  

The average annual rate of change of the Food sub-index for the twelve-month period ending March 2019 over the previous twelve-month average was 13.42 percent, 0.20  percent points from the average annual rate of change recorded in February 2019 (13.62) percent.

 

Proshare Nigeria Pvt. Ltd.

 

 

All Items Less Farm Produce

The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 9.5 percent in March 2019, down by 0.3 percent when compared with 9.8 percent recorded in February 2019. 

On month-on-month basis, the core sub-index increased by 0.53 percent in March 2019. This was down by 0.12 percent when compared with 0.65 percent recorded in February 2019.

The highest increases were recorded in prices of Domestic and household services, Tobacco, Actual and imputed rent for housing, Dental, Medical and Hospital services, Tobacco, Major household appliances 

 

The average 12-month annual rate of change of the index was 10.04 percent for the twelve-month period ending March 2019; this is 0.15 percent points lower than 10.19 percent recorded in February 2019.

 

State Profiles

In analysing 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 interstate comparisons of consumption basket inadvisable and potentially misleading.  

 

All Items Inflation

In March 2019, all items inflation on year on year basis was highest in Kebbi (14.65%), Zamfara (13.15%) and Taraba (12.98%), while Kwara (9.84%) Cross River (9.66%) and Delta (9.61%) recorded the slowest rise in headline Year on Year inflation. 

On month on month basis however, March 2019 all items inflation was highest in Kogi (1.91%), Plateau (1.77%), and Lagos (1.63%), while Nasarawa (0.26%), Kwara (0.16%) and Enugu (0.13%) recorded the slowest rise.

 

Food Inflation

In March 2019, food inflation on a year on year basis was highest in Kebbi (16.35%), Niger (16.22%) and Kwara (15.95%), while Bauchi (11.82%), Delta (11.70%) and Ogun (11.55%) recorded the slowest rise. 

On month on month basis however, March 2019 food inflation was highest in Kogi (2.97%), Lagos and Plateau (2.11%) and Oyo (2.04%), while Imo and Nasarawa (0.12%), Enugu (0.11%)  recorded the slowest rise with Bayelsa recording food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate).

 

Click Here to Download March 2019 CPI PDF Report

 

Proshare Nigeria Pvt. Ltd.


Latest 2019 NBS Reports

Proshare Nigeria Pvt. Ltd.

 

Q2 2019

1.       FAAC Disburses N619.86bn in March 2019

2.      Domestic Passenger Traffic Grew By 23.19% YoY in 2018 - NBS

3.      Lagos State Has The Highest Debt Profile in 2018 - NBS

4.      1.65m Applications Received By JAMB in 2018 - NBS

5.      FAAC Disburses N660.37bn in February 2019

6.      Nigeria Produced 55.81m Tonnes of Solid Minerals in 2018 - NBS

 

Q1 2019

7.      8.41m Workers Are Registered Under The Pension Scheme As At Q42018 - NBS

8.     Average Price of 1kg of Yam Tuber Decreased By -2.24% MoM to N206.48 in February 2019 - NBS

9.      All Region Terms of Trade Fell -2.78% Due to a Fall in the Prices of Goods Traded in Africa - NBS

10.  Average Fare Paid By Commuters Within City Increased By 1.43% MoM to N177.57 in February 2019 - NBS

11.   Headline Inflation Increases By 11.31% YoY in February 2019; 0.06% Lower Than January 2019 Rate

12.  Average Prices of PMS, AGO, HHK and Cooking Gas – February 2019

13.  Active Voice Subscribers Grew By 6.66% in Q4 2018 - NBS

14.  2,532 Road Traffic Crashes Occurred in Q4 2018 - NBS

15.   Total Trade Declined By 5.1% QoQ in Q4 2018; Rose By 42.9% YoY

16.  GDP By Income and Expenditure Approach Q1 and Q2 2018 - Household Final Consumption Grew by 0.78%

17.   1.67m Customers Metered As At Q4 2018 - NBS

18.  N298.01bn Generated as VAT in Q4 2018 - NBS

19.  Total Value of Credit Allocated By Banks Stood At N15.13trn As At Q4 2018 - NBS

20. Average Price of 1kg of Tomato Decreased By 2.39% YoY To N265.49 in January 2019 - NBS

21.  FAAC Disburses N649.19bn in January 2019

22. Average Intercity Bus Fare Decreased By -13.90% MoM To N1,541.38 in January 2019

23. Headline Inflation Increases By 11.37% YoY in January 2019; 0.07% Lower Than December 2018 Rate

24. Average Prices of PMS, AGO, HHK and Cooking Gas – January 2019

25.  Total Value of Capital Importation into Nigeria Stood at $16,812.47m in 2018 – NBS

26. Nigeria’s GDP Grew By 2.38% YoY in Real Terms in Q4 2018 and 1.93% in Full Year

27.  828,502 Employees Employed By 1,110 Registered Private Guard Companies in 2018 - NBS

28. States Generate N264.38bn as IGR in Q3 2018 - NBS

29. NBS Publishes Drug Use in Nigeria 2018 Survey Report

30. FAAC Disburses N3.19trn To FG in 2018 - NBS

31.  FAAC Disburses N2.38trn To FG in 2017 - NBS

32. FAAC Disburses N812.76bn in December 2018 - NBS

33. Average Price of 1kg of Tomato Decreased By -7.76% MoM To N294.36

34. Average Within City Bus Journey Fare Decreased By -5.64% MoM To N181.61

35.  Headline Inflation Increases By 11.44% YoY in December 2018; 0.16% Higher Than November 2018 Rate

36. Average Prices of PMS, AGO, HHK and Cooking Gas – December 2018

 

READ MORE:
Related News
SCROLL TO TOP