NBS says inflation rate increased by 0.1% in March

The National Bureau of Statistics (NBS) has said that Nigeria’s inflation rate stood at 7.8 per cent in March, 0.1 per cent higher than the 7.7 per cent recorded in February.

This is contained in a statement issued on Tuesday in Abuja by the Statistician-General of the Federation, Dr Yemi Kale.

“In March, the Consumer Price Index (CPI) which measures inflation, edged higher when compared with February.

“Prices rose by 7.8 per cent (year-on-year) in March, marginally higher from 7.7 per cent recorded in the previous month.

“Over the previous six months reporting period, inflation rates have been relatively stable, moving in a choppy fashion,’’ the statement said.

It stated that prices were pushed higher as a result of higher prices in bread and cereals, fish, dairy, oil and fats, and fruits classes.

According to the statement, prices in the food sub-index where however weighed down by relatively slower increases in meats, vegetables, potatoes, yams and other tubers, classes.

“On a month-on-month basis, food prices increased by 1.0 per cent in March, 0.4 percentage points higher from the 0.6 per cent increase recorded in February.

“This was also the highest month-on-month increase recorded over the previous 12-month period.

“On a month-on-month basis, the highest price increases were recorded in the fish, fruit, and potatoes, yams and other tubers classes,’’ it said.

The statement said that the “all items less Farm Produce’’ which excluded the prices of volatile agricultural products increased at slower rate (year-on-year) in March 2014 when compared with February 2014.

“The increase was as a result of price increases across various class items in particular; wine, carpets and other floor coverings; repair of household appliances, and fuels and lubricants for personal transport equipment,’’ it said. (NAN)