In the monthly CPI report of the Nigeria Bureau of Statistics released on Thursday, April 13, 2017, the annual inflation in Nigeria fell for a second straight month in March, 2017.
Inflation falls in March 2017
Inflation is on a down trend since February, 2017 mainly as a result of ease in foreign exchange market pressure on the economy.
The statistics office noted that this is showing the early effects of central bank intervention on the currency market to meet demand for dollars.
Inflation declined to 17.26 percent in March 2017, from 17.78 percent in February 2017, which was the second drop in 15 months.
This decline has been projected by analysts mainly due to forex pressure easing and effect of base year. Also, all indexes are all on the decline for the month of March, 2017.
Before the decline in Febraury, 2017, the country is faced with general price levels in Africa's biggest economy rose for the 12th straight month since January, 2016. The rate reached its highest level in January, 2017 for more than 11 years, as the nation battled an economic recession, a currency crisis and dollar shortages, brought on by low oil price, its mainstay.
The report also noted that there is an increase in prices of major household consumables such as bread, cereal, milk e.t.c. This, therefore, led to increase in the M-o-M price index for core inflation, food inflation as well as urban inflation but has less effect on the overall price level in the country.
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