CPI and Inflation Report March 2017
On a Headline basis,the Consumer Price Index (CPI) which measures inflation increased by 17.26 percent (year-on-year) albeit at a slower pace in March 2017, 0.52 percent points lower from the rate recorded in February (17.78) percent. This is the second consecutive month of a decline in the headline CPI on a year on year basis, representing the effects of stabilizing prices in already high food and non-food pricesas well asfavourable base effects over 2016prices. It is also indicative of early effects of a strengthened naira in the foreign exchange rate market.
Price Increases were recorded in all COICOP divisions that yield the Headline Index.However, the major divisions responsible for accelerating the pace of the increase in the headline index were Housing, Water, Electricity, Gas and Other Fuel, Education, Food and Alcholoic Beverages, Clothing and Footware and Transportation Services.
Data source: National Bureau of Statistics