Inflation Drops To 14.33 Per Cent In Feb. -NBS

The National Bureau of Statistics (NBS) on Wednesday said the  annual inflation in Nigeria has dropped to 14.33 per cent in February, slowing for the 13th month in a row.

It is driven by a decline in the pace of food price increases.

The food price index showed inflation at 17.59 per cent in February, compared with 18.92 per cent in January.

Head of National Bureau of Statistics (NBS), Yemi Kale said in January he expects inflation to fall faster this year compared with 2017, but that spending ahead of 2019 presidential elections could stoke prices.

Food price inflation has remained in high double digits over the last year. Kale has said the country is in a harvest period and output is increasing, which would help lower food prices, but household consumption remain fragile after the 2016 recession.

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