Lagos — Inflation rate dropped to 14.33 per cent in February from the 15.13 per cent recorded in January this year.
The Consumer Price Index (CPI) which measures inflation released yesterday by the National Bureau of Statistics (NBS) shows that this is the 13th consecutive disinflation since January 2017.
Daily Trust analysis shows that the latest fall in inflation is 0.8 per cent points less than the rate recorded in January 2018.
On a month-on-month basis, the headline index increased by 0.79 per cent in February, 2018, down by 0.01 per cent points from the rate recorded in January.
The report shows that the percentage change in the average composite CPI for the 12-month period ending February, 2018, over the average of the CPI for the previous 12-month period is 15.93 per cent, showing 0.29 per cent point lower from 16.22 per cent recorded in January, 2018.
Lukman Otunuga, Research Analyst at FXTM said: "Market expectations that the Central bank of Nigeria will eventually cut interest rates are likely to mount, as inflationary pressures in Nigeria become a thing of the past.
"February data shows annual inflation in Africa's largest economy has eased for the 13th consecutive month, and continues to point to encouraging signs of price stability. While it may be slightly premature for the Bank of Nigeria to take action amid the current inflation level, continual signs of consumer prices easing could provide an opportunity to act sooner than anticipated. A rate cut by the central bank should support the nation further, as it continues its mission to diversify by deriving economic growth from other sustainable sources."