Nigeria Inflation Rate Down to 8.6% in March


In March of 2013, Nigeria annual inflation rate slowed to 8.6 percent, the lowest rate since April of 2008.

On the year-on-year basis, the inflation rate decreased to 8.6 percent in March of 2013 from 9.5 percent recorded last month. 

Relative to February, the relatively slower rise in the headline index could be primarily attributable to base effects from March of 2012. As a result of substantially higher price levels in March of 2012, the implications are that the year-on-year changes exhibited for March 2013 year are muted. 
 
The composite Food Index increased year-on-year by 9.5 per cent to 144.6 points. This was 1.5 percentage points lower than the 11.0 per cent recorded in February.
 
On a month-on-month basis, the composite CPI increased by 0.71 per cent in March, from index levels recorded in February.
 
The Food index increased by 1.0 per cent between February and March. While food prices were higher across all classes in the food sub-index, the largest contributors of the increase in the food index were bread and cereals, potatoes, yams and other tubers, and vegetables. 
 
In March, the “All items less Farm Produce” or Core index, which excludes the prices of volatile agricultural products, increased by 7.2 per cent year-on-year. This was lower than 11.2 per cent recorded in February by 4 percentage points. On month-on-month basis, the Core index increased by 0.7 per cent from February to March 2013. Year-on-year all COICOP classes that contribute to the core exhibited muted rises except the “Alcoholic Beverages, Tobacco and Cola” division. 

Nigeria National Bureau of Statistics | Joana Taborda | joana.taborda@tradingeconomics.com
4/17/2013 6:13:59 PM