Nigeria’s Inflation Rate Drops To 13.34 Percent

Minister of Budget Planning

By Nuel Suji – Nigeria’s inflation figure has dropped to 13.34 per cent, making it 0.99 percent less than the 14.33 figure recorded in February.

Minister of Budget Planning

Since the beginning of January 2017, the inflation rates have been on a gradual slope with the latest taking it to 2year record low.

According to latest figures released on Thursday by the National Bureau of Statistics (NBS), the consumer price index (CPI), which measures inflation level in the economy, increased by 13.34 per cent between March 2017 and March 2018.

The report showed composite food index, which highlights the average of some food items, majorly staple foods, rose by 16.08 per cent (year on year) in March 2018, down from the 17.59 per cent rate recorded in February.

The government had set the target of single digits inflation rate for itself.



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