Nigeria's inflation drops by 0.99 percent in March - NBS

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Consumer price inflation for the rural areas stood at 4.44 per cent in March 2018 against 4.45 per cent in February and 3.35 per cent in March 2017.

The CPI inflation was however down 0.3% month-on-month in March this year as six main groups witnessed declines, according to the Ministry of Development Planning and Statistics data.

On the inflation front, while headline inflation moderated, core inflation rose to a 43-month high of 5.4 per cent in March, driven by miscellaneous items and pan, tobacco and intoxicants.

Low inflation number will have a positive impact on the bond market, as interest rates have an inverse relationship with bond prices. The data further revealed that inflation in the fuel and light segment also came in lower at 5.73 per cent month-on-month basis.

Moreover, India's retail inflation eased to a five-month low in March to 4.28 per cent from 4.44 per cent in February but remained above RBI's medium-term target.

Also the 13.34 percent inflation rate is below the Central Bank of Nigeria's (CBN) monetary policy committee (MPC) rate of 14 percent for the first time in two years which could prompt a rate cut by the apex bank, according to Razia Khan, Head of Macroeconomic Research at Standard Chartered Bank Plc. As per the data released by the Central Statistics Office (CSO), India's industrial output was 1.2 per cent in the same month a year ago.


The industrial output had increased by 7.5% in January 2018 over January 2017.

On a YoY basis, the manufacturing sector expanded by a healthy 8.7 per cent, while the mining sector's output dipped by (-) 0.3 per cent and the sub-index of electricity generation increased by 4.5 per cent.

Nigerian inflation rate stood at 13.34 percent in March, the National Bureau of Statistics said Thursday, representing a 14th consecutive monthly decline year-on-year. This is less than 16.24 percent reported in February, while the corresponding rural inflation rate in March 2018 is 15.34% compared to 15.64% recorded in February.

Clothing and footwear inflation rose to 4.9% compared to 5% in February.

Separately, industrial output maintained its growth of over 7 per cent for the second consecutive month in February.

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