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NBS confirms drop in Nigeria’s inflation rate by 0.06%

Nigeria”s inflation rate has been reportedly dropped by 0.06%, the National Bureau of Statistics NBS confirmed the statistic, saying that the countryโ€™s inflation as being measured by the Consumer Price Index CPI this month was lower than the rate recorded in February.

The NBS said this in its โ€œCPI and Inflation Reportโ€™โ€™ released today, Tuesday in Abuja.

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According to the bureau, the CPI which measures inflation decreased to 11.25 percent (year-on-year) in March 2019.

The bureau went on to say that, this is about 0.06 percent points lower than the rate recorded in February 2019 (11.31) percent, NAN reports.

It also, said that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

On a month-on-month basis, the bureau has also said that the Headline Index has increased by 0.79 percent in March 2019, this, according to the bureau, was 0.06 percent rate higher than the rate recorded in February 2019 (0.73) percent.

The Report said the percentage change in the average composite CPI for the period of 12 months ending in March over the previous 12 months was 11.40 percent.

It said that the figure showed a 0.16 percent point from 11.56 percent recorded in February.

Meanwhile, the bureau said the urban inflation rate increased by 11.54 percent (year-on-year) in March from 11.59 percent recorded in February 2019.

It said the rural inflation rate increased by 10.99 percent in March from 11.05 percent in February.

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On a month-on-month basis, the bureau has said that the urban index rose by 0.81 percent in March 2019, up by 0.05 from 0.76 percent recorded in February.

Continuing, it said the rural index rose by 0.77 percent in March, up by 0.06 from the rate recorded in February (0.71) percent.

According to the report, the corresponding twelve-month year-on-year average percentage change for the urban index is 11.78 percent in March.

The report said that this was less than 11.95 percent reported in February while the corresponding rural inflation rate in March is about 11.08 percent compared to 11.23 percent recorded in February.

And what the CPI does is to measure the average change over time in prices of goods and services consumed by people for day-to-day living.

Hence, the construction of the CPI combines economic theory, and sampling as well as, other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.

Actually, the weighting simply occurs only to capture the importance of the selected commodities in the entire index.

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