Inflation Improves to 13-month Low of 14.33 -NBS

Inflation rises
  • Inflation Improves to 13-month Low of 14.33 -NBS

Cost of goods and services in Nigeria improved for the 13th consecutive month in February, the National Bureau of Statistics reported on Wednesday.

The Consumer Price Index which measures inflation grew by 14.33 percent year on year in February, a 0.8 percent better than the 15.13 recorded in January.

On a monthly basis, inflation increased by 0.79 percent in the month, also lower by 0.01 percent when compared with the rate recorded in January.

The gauge for food index surged by 17.59 percent in February, down by 1.33 percent from 18.92 percent in January. According to the report, all major food sub-indexes increased during the month.

Composite CPI declined by 0.29 percent to 15.93 percent from 16.22 percent recorded in January.

The economy continued to grow with the manufacturing activity expanding at a healthy pace according to the data released by the central bank.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: samed@investorsking.com.

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