Inflation rate drops by 13.34% 

Inflation

By Omotilewa Quadri 

The National Bureau of Statistics (NBS) says the country’s Consumer Price Index which measures inflation rose by 13.34 percent (year-on-year) in March 2018.

The NBS in the report released on Thursday said the 13.34 percent rate for March is 0.99 percentage points less than the 14.33 percent recorded in February.

According to the report, this is the fourteenth consecutive month since January 2017 that the country would be experiencing a slowdown in inflation.

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“The Consumer Price Index 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.

“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),” the report stated. 

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