Nigeria’s inflation rate for March dropped to 17.26 percent, the second decline recorded in two months, the National Bureau of Statistics (NBS) said Thursday.

A statement from the NBS showed that the first decline was recorded in February when inflation dropped to 17.78 percent.

This is the second consecutive month of a decline in the headline Consumer Price Index, on a year-on-year basis, the NBS added.

This represents the effects of stabilizing prices in already high food and non-food prices as well as favorable base effects over 2016 prices, it said.

It is also indicative of early effects of a strengthened Naira in the foreign exchange market, the NBS added. Enditem

Source: Xinhua/NewsGhana.com.gh