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Nigeria inflation ticks down in February

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Staff Writer | March 18, 2019
Nigeria oil
Africa   Inflation ticked down from 11.4% in January to 11.3% in February

Consumer prices in Nigeria rose 0.73% on a month-on-month basis in February, marginally below January’s 0.74% increase.

The slight moderation in Nigeria was largely driven by a softer increase in food prices.

Nigeria's inflation ticked down from 11.4% in January to 11.3% in February.

As a result, it moved closer down to the Central Bank’s target range of 6.0%–9.0%.

Meanwhile, Nigeria'score consumer prices, which exclude volatile agricultural produce, rose 0.65% month-on-month in February, well below January’s 0.81% increase.

Nigeria's core inflation ticked down to 9.8% in February (January: 9.9%).

FocusEconomics Consensus Forecast panelists expect inflation to average 11.8% in 2019, which is unchanged from last month’s forecast.

In 2020, inflation is seen averaging 11.8%.


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