Nigeria's inflation rate edges down to 11.25% - the third decline in 2019

Nigeria's inflation rate dropped to 11.25% in March 2019 from 11.31% recorded in February 2019, the National Bureau of Statistics (NBS) has said.

Nigerian market

The Bureau, in its “CPI and Inflation Report’’ for March 2019 released in Abuja on Tuesday, said the figure was 0.06% points lower than the rate recorded in February 2019 (11.31%).

According to NBS, the percentage change in the average composite CPI for the twelve months period ending March 2019 over the average of the CPI for the previous twelve months period was 11.40%, showing 0.16% point from 11.56% recorded in February 2019.

On a month-on-month basis, the Headline index increased by 0.79% in March 2019, this is 0.06% rate higher than the rate recorded in February 2019 (0.73%).”

Taiwo Oyedele‏, PwC's tax consultant in a tweet urged the Nigerian government to improve productivity and create wealth for the people beyond inflation rate.

“Glad Nigeria’s inflation rate is trending downward but 11.25% is still too high as to keep Nigerians getting poorer. Way out is to improve productivity and create wealth for the people beyond inflation.”

The consumer price index (CPI) which measures a country's inflation help policymakers to fix economic fundamentals and projections.

Last month, the Central Bank of Nigeriaa (CBN) monetary policy committee cut down the key lending rate from record-high 14% to 13.5% to record spending.

The apex bank has also projected the Nigerian economy to grow by 3% in 2019, higher than the 1.93% recorded in 2018 and sees inflation rising to 12% before moderating.

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