Nigeria's Inflation Drops to 14.3 Percent - NBS

Market in Lagos, Nigeria.

Nigeria's annual inflation fell to its lowest level in almost a year in February, the National Bureau of Statistics said Wednesday.

The NBS reported that the inflation rate slowed for the 13th consecutive month.

According to the report, core inflation was 14.33 per cent in February, its lowest since last April, down by 0.8 per cent from 15.13 per cent in January.

But the food price index showed inflation of 17.59 per cent in February as against 18.92 per cent in January.

The headline index increased by 0.79 percent in February 2018, down by 0.01 per cent points from the rate recorded in January.

During the month, all major food sub-indexes increased, the report said.

Price movements recorded by the Core sub-index increased by 11.7 per cent in February 2018, down by 0.4 per cent points from the 12.10 percent recorded in January.

The new report is coming as indications emerged Tuesday that the Central Bank Monetary Policy Committee may be able to sit following the senate resolution to consider its recently announced nominees.

The committee has been unable to meet or change rates since the beginning of the year as it could not form a quorum. This is against the backdrop of the cold war that ensued between some of President Muhammadu Buhari's nominees and the lawmakers, who have refused to confirm their appointment.

The CBN has kept its main interest rate at 14 per cent for over a year as it battles inflation and seeks to attract foreign investors to support the naira currency even as analysts expect an interest rate cut in the coming months.

In February, the International Monetary Fund warned that the average Nigerian is getting poorer, as gross domestic product per capita is still falling.

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