The Nigeria economy enjoyed a drop in the inflation rate has dropped by a 0.06% from 11.31 percent in February to 11.25 per cent in March 2019.
This was confirmed by the National Bureau of Statistics (NBS), on a month-on-month basis, the Headline index increased by 0.79 per cent in March 2019, which is 0.06 percent rate higher than the rate recorded in February 2019 (0.73) per cent.
The data highlighted that urban inflation rate increased by 11.54 per cent (year-on-year) in March 2019 from 11.59 per cent recorded in February 2019, while the rural inflation rate increased by 10.99 percent in March 2019 from 11.05 percent in February 2019.
Though, the composite food index rose by 13.45 percent in March 2019 compared to 13.47 percent in February 2019. “This rise in the food index was caused by increases in prices of Bread and cereals, Meat, Fish, Potatoes, Yam and other tubers, Oils and fats, and Soft drinks, Vegetables, and Fruits.”