The National Bureau of Statistics (NBS) said the country’s inflation measured by Consumer Price Index (CPI) in March was 0.06 per cent points lower than the rate recorded in February.
The NBS said this in its “CPI and Inflation Report’’ released in Abuja.
The bureau said the CPI which measures inflation decreased to 11.25 per cent (year-on-year) in March, 2019.
According to the bureau, this is 0.06 per cent points lower than the rate recorded in February, 2019 (11.31) per cent.
It, however, said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.
On month-on-month basis, the bureau said the Headline Index increased by 0.79 per cent in March 2019, this was 0.06 per cent rate higher than the rate recorded in February 2019 (0.73) per cent.
The Report said the percentage change in the average composite CPI for the period of 12 months ending in March over the previous 12 months was 11.40 per cent.
It said the figure showed 0.16 per cent point from 11.56 per cent recorded in February.
Meanwhile, the bureau said the urban inflation rate increased by 11.54 per cent (year-on-year) in March from 11.59 per cent recorded in February 2019.
It said the rural inflation rate increased by 10.99 per cent in March from 11.05 per cent in February.
On a month-on-month basis, it said the urban index rose by 0.81 per cent in March 2019, up by 0.05 from 0.76 per cent recorded in February.
Also, it said the rural index rose by 0.77 per cent in March, up by 0.06 from the rate recorded in February (0.71) per cent.
According to the report, the corresponding twelve-month year-on-year average percentage change for the urban index is 11.78 per cent in March.
This is less than 11.95 per cent reported in February while the corresponding rural inflation rate in March is 11.08 per cent compared to 11.23 per cent recorded in February.
The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.
The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.
The weighting occurs to capture the importance of the selected commodities in the entire index.===NAN
Oil slips to $71, hit by talk of higher OPEC+ production
(Reuters/TBI Africa.com) Brent oil slipped to around 71 dollars a barrel on Tuesday, pressured by expectations of higher U.S. inventories and concern about Russia’s willingness to stick with OPEC-led supply cuts.
Analysts on average expect U.S. crude stockpiles to have risen by 1.9 million barrels last week, the fourth straight increase.
The first of this week’s stockpile reports is due at 2030 GMT from the American Petroleum Institute.
“We have already seen these inventories going higher in the last week’s print,” said Naeem Aslam, Chief Market Analyst at TF Global Markets in London.
“The rising inventory data has raised many questions for investors – no one wants to see the oil glut again.”
Brent crude, the global benchmark, was down 12 cents at 71.06 dollars a barrel at 0801 GMT. U.S. West Texas Intermediate (WTI) crude gained six cents to 63.46 dollars.
While OPEC-led supply cuts have boosted Brent by more than 30 per cent this year, gains have been limited by worries that slowing economic growth could weaken demand for fuel.
Oil also fell on Monday after comments from Russia raised concern that the OPEC-led supply-cutting pact may not be renewed.
Russia and the producer group may decide to boost output to fight for market share with the U.S., TASS news agency сited Finance Minister Anton Siluanov as saying.
The Organisation of the Petroleum Exporting Countries and other producers including Russia, an alliance known as OPEC+, have been cutting output since Jan. 1.
They will decide in June whether to continue the arrangement.
“There is a growing concern that Russia will not agree on extending production cuts and we could see them officially abandon it in the coming months,” said Edward Moya, Senior Market Analyst at OANDA.
