The National Bureau of Statistics on Thursday said the inflation rate for March stood at 8.5 per cent as against the 8.4 per cent recorded in February. This was contained in a statement issued in Abuja by the Statistician-General of the Federation, Dr. Yemi Kale.
The statement said the rate showed a 0.1 per cent increase between February and March. It stated that on a month-on-month basis, the highest price increases were recorded in fruit, fish, potatoes, yam and other tubers and vegetables groups.
It further stated that the average annual rate of change on the food sub-index for the 12-month period ending in March over the previous 12-month average was 9.5 per cent.
According to the bureau, the 12-month rate of change has held steady for 10 consecutive months.
The statement said: “On a month-on-month basis, the core sub-index increased marginally by 0.8 per cent after increasing at the same pace in the previous two months at 0.7 per cent.
“The largest increases were recorded in the air passenger transport, miscellaneous services relating to the dwelling; appliances, articles and products for personal care, and repair of household appliances groups.”
The bureau said the average 12-month annual rate of rise in the index was recorded at 6.9 per cent for the 12-month period ending in March which did not change from the 12-month rate recorded in January.
It said: “On a year-on-year, both the urban and rural price indices recorded faster increases in March. “The urban index increased by 8.6 per cent and 0.2 percentage points from February.
“The rural index increased marginally from 8.3 per cent in February to 8.4 per cent in March. “On a month-on-month basis, both the urban and rural indices increased at a faster pace in March, increasing by 0.9 per cent.”
The bureau said the pace of increases in all items less farm produce, which excluded the prices of volatile agricultural produce, increased at a faster pace for the third consecutive month.
It said: “Prices rose by 7.5 per cent (year-on-year), up by 0.5 percentage points from 7.0 per cent in February with the strongest increases recorded in the clothing and footwear, and miscellaneous goods and services divisions.”