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Nigeria inflation drops for first time in over year in February

Staff Writer |
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.

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According to the National Bureau of Statistics, higher inflation in February was driven by an across-the-board increase in all components of the index.

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%.

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