Tuesday , May 21 2019
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Nigeria’s Headline Inflation Drops To 11.31% In February – NBS

The National Bureau of Statistics (NBS) just published the February 2019 inflation report, showing that Nigeria’s headline consumer price index moderated for the second consecutive month. Specifically, headline inflation was 11.31percent year on year (y/y) in February declining from 11.37percent y/y in January.

The data came in 2 bps above Cordros Capital forecast of 11.29 percent y/y, but beat Bloomberg consensus estimate of 11.50 percent y/y by 19 bps. On a month-on-month basis, the headline index printed 0.73 percent (vs 0.73% in January)

Food inflation rose by 13.47percent y/y in the review period, slightly lower than the 13.51percent y/y recorded in January. Notably, the highest increase was recorded in the prices of Fish, Bread and cereals, Vegetables, Meat, Fruits, Potatoes, Yam and other tubers, oils and fats, soft drinks. On a month-on-month basis, food inflation increased at a slower pace, by 0.82%, compared to the 0.83% recorded in the previous month.

Core inflation was 9.8 percent y/y during the review period, vs. 9.9 percent in January. The highest increases were reported in the prices of tobacco, repair & hire of footwear, major household appliances, domestic services & household services, dental services, medical & hospital services, cleaning, and repair & hire of clothing. On a m/m basis, the core index increased at much slower pace of 0.65percent, 15 bps below the 0.65percent reported in January.

About Lanre Oyetade

A multiple award winner in Economics and business journalism, Lanre Oyetade has served close to two decades in the media industry, spanning different notable stables, where he is privileged to have risen to the position of a title editor. A masters degree holder in Economics from the University of Lagos and doctoral student at the Babcock University, he is a winner of the prestigious NMMA Capital Market Award for two consecutive years (2004 & 2005), and was also a nominee for the body’s banking and finance and money market awards for two years. In 2013, he also won the Most Outstanding Business-Reporting Title Editor award of the National Institute of Marketing of Nigeria (NIMN). A minister in the LORDS’s vineyard, he has been an inspirational speaker and resource person at many corporate and religious fora since early 2004, and has so far authored three books on the capital market; on personal effectiveness, and on personal finance, in 2008 and 2014, respectively.