Inflation slowed by 0.52 percentage points in March to 17.26% from 17.78% in February mainly due to base year effects. The pass through effect to the market was slow to manifest, thereby not reflecting the rapid appreciation of the naira. The pace of increase in both the food and core index slowed to 18.44% and 15.4%, respectively. We anticipate a gradual decline in the rate of consumer price levels in the coming months as base year effects continue to exert downward pressures on the CPI.
In the attached