NIGERIA'S INFLATION STILL ABOVE 11% IN 12 MONTHS

Inflation rate in Nigeria is still not in a hurry to drop below 11% year on year.

According to figures for March on Composite Price index released by the National Bureau of Statistics, by March 2019 the all items inflation rate eased to 11.25 % year on year compared to 11.31% in February

The good news apparently is that it is going down at least after leaping to all time high during 2016 depression and early 2017 till it started dropping  January 2017.

For a while the decline was fairly high but it has become a very slow decrease since May 2018 when it finally crossed from the 12% range to 11%.

The March easing was driven other items except food the index of which actually rose to 13.5% year on year from February's 13.47%.

Urban inflation also continues to be above the national average and in March says the NBS, it was 11.54% year on year though lower than February's 11.59%.

In contrast, rural index by March stood at 10.99% year on year compared to 11.05% previously.

The states with top inflation rates in March  were very far ahead of the national average led by Kebbi state 14.65%; Zamfara 13.15% and Taraba 12.98%.

According to the NBS, the states with lowest inflation rates were Delta (9.61%); Cross River state (9.66%) and Kwara (9.84%).

It was abit different for food index growty with top 3 states being Kebbi (16.35%); Niger (16.22%) and Kwara (15.95%) while the 3 states with lowest food inflation were Ogun (11.55%); Delta (11.70%) and Bauchi (11.82%)..

About 15 states crossed the 300 mark of the base year index of 100 February 2019 and only Kwara had crossed the same mark since 2018 for all items

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