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The year-on-year inflation rate fell for the second time in 16 months, but food prices stay on the high side, the National Bureau of Statistics (NBS) has revealed.
Year-on-year headline inflation dropped to 17.26 percent in March 2017 from 17.78 percent in February 2017 but month-on-month rose by 1.72 percent from 1.49 percent in the previous month.
In March 2017, year-on-year food inflation came in at 18.44 percent from 18.53 percent in February 2017. On a monthly basis, food prices rose by 2.21 percent from 1.99 percent driven by hike in the prices of bread, cereals, eggs, milk, meat, yam, potato and other tubers.
“During the month, the highest increases were seen in Miscellaneous services relating to the dwelling, electricity, solid fuels, clothing materials and other articles of clothing, Liquid fuel, Spirits as well asFuels and lubricants for personal transport equipment,” NBS said via the March inflation report.
Despite the drop, inflation rate still remains at an 11-year high, as Nigeria inches its way out of its deepest recession in nearly three decades.