Nigeria inflation drops for first time in over year in FebruaryStaff Writer | March 17, 2017
Inflation in Nigeria moderated from 18.7% in January to 17.8% in February, marking the first decrease since October 2015 and the lowest print since August 2016.
Africa The National Bureau of Statistics:
Electricity, liquid and solid fuels, fuels and lubricants for transport equipment were the components that reported the highest increases.
Despite February’s drop, annual average inflation soared from 16.4% in January to 17.0% in February, the highest print in almost 11 years.
Core consumer prices, which exclude farm products and energy prices, rose 1.1% in February (January: +0.7 month-on-month). Lastly, core inflation dropped from 14.5% in January to 14.0% in February.
FocusEconomics Consensus Forecast panelists expect inflation to average 14.2% in 2017, which is unchanged from last month’s forecast. For 2018, panelists forecast an inflation rate of 10.9%. ■