During April-February, IIP growth slowed to 4.3% from 4.7% in the year-earlier period.
The dip in inflation for food and beverages in March was primarily led by vegetables, egg and milk.
It stated in the CPI report released yesterday in Abuja that the figure showed 14 consecutive reductions in inflation rate since January 2017.
Among the six use-based classification groups, the output of primary goods which has the highest weightage of 34.04 grew by 3.7 per cent.
The consumer price index in Argentina rose 25.4% in March from a year before, remaining stable from the previous month, when the index also increased 25.4% according to the country's statistics office (Indec).
Retail inflation eased to 4.28 per cent in March from 4.44 per cent in the previous month.
It had crossed the 12-per cent mark in 2013, but has remained under control since, thanks to lower crude oil prices, tighter monetary policy and fiscal measures.
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Food price inflation for urban areas stood at 1.12 per cent in March 2018 against 2.45 per cent in February and (-) 0.31 per cent in March 2017. Inflation in the vegetables segment cooled to 11.7% in March from 17.57% in February.
"The average annual rate of change of the Food sub-index for the twelve-month period ending March 2018 over the previous twelve month average was 19.29 percent, 0.23 percent points from the average annual rate of change recorded in February (19.52) percent". Housing inflation was slightly up at 8.3%.
The statistics agency said the new figure was about 0.99 per cent points less than the 14.33 per cent rate recorded in February 2018.
The rate of increase in price rise slowed for the third consecutive month after hitting a fresh high of 5.2 per cent growth in December and 5.07 per cent in January due to unusual pick up in food prices and rise in domestic petrol and diesel prices.
Others concur. "While the growth of capital goods output has surged in recent months, the year-to-date growth remains moderate at 5.3 per cent".
Furniture and household equipment, which has a 7.7% weightage in the CPI basket, saw its index gain 1.1% year-on-year but traded a flat path month-on-month this March. However, the core inflation rose to a 43-month high of 5.4% in March, driven by miscellaneous items and pan, tobacco and intoxicants, she added.