Nigeria Consumer Inflation slows To 11.25 Pct In March Vs 11.31 Pct In Feb

Nigeria’s consumer inflation slowed down to 11.25 percent in March from 11.31 percent in February, the National Bureau of Statistics (NBS) said on Tuesday.
A separate food price index showed inflation at 13.45 percent in March, compared with 13.47 percent in February.
On month-on-month basis, the bureau said the Headline Index increased by 0.79 percent in March, indicating 0.06 percent higher than the rate recorded in February.
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.
Urban inflation rate increased by 11.54 per cent year-on-year in March against 11.59 per cent recorded in February.
NBS said rural inflation rate increased by 10.99 percent in March from 11.05 percent in February.
Also, it said the rural index rose by 0.77 per cent in March, up by 0.06 from the rate recorded in February (0.71) per cent.
According to the report, the corresponding twelve-month year-on-year average percentage change for the urban index is 11.78 per cent in March.
This is less than 11.95 per cent reported in February while the corresponding rural inflation rate in March is 11.08 per cent compared to 11.23 per cent recorded in February.
The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.
The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.
The weighting occurs to capture the importance of the selected commodities in the entire index.