The National Bureau of Statistics revealed Nigeria’s Inflation Rate now stands at 7.8% for March 2014 compared to 7.7% for February 2014. Prices rose by 7.8 percent (year-on-year) in March, marginally higher from 7.7 percent recorded in the previous month. Inflation rate has been stable in the last few months and as the Bureau put it in a “moving in a choppy fashion”.
The latest increase was mainly attributed to the following;
On the food side
On a month-on-month basis, the highest price increases were recorded in the Fish, Fruit; and
Potatoes, Yams and Other tubers classes.
The increase in the Core sub-index was as a result of price increases across various class items in particular; Wine, Carpets
and other floor coverings; Repair of household appliances, and Fuels and lubricants for personal transport equipment
Prices have moved in a 0.3 percentage point band ranging between 8.0 percent and 7.7 percent