Latest data released by the National Bureau of Statistics stated that in March inflation fell slightly to 17.26% year on year.
This is the second time official inflation is showing a slowdown in the year 2017 considering that headline inflation fell to 17.78% in the month of February.
The data bureau said the continuous decline shows “the effects of stabilizing prices in already high food and non-food prices as well as favourable base effects over 2016 prices. It is also indicative of early effects of a strengthened naira in the foreign exchange rate market”.
On the top line, the data still shows that things are still tough for Nigerian population as “Housing, Water, Electricity, Gas and Other Fuel, Education, Food and Alcholoic Beverages, Clothing and Footware and Transportation Services”, are the major divisions pushing up the index in the month under review.
The latest data is in close similarity with the prediction of the Economic Intelligence unit of Access Bank with the forecast that inflation will slow down to 17.% for the month of March.