Inflation drops to 14.33% – NBS

Must Read

Bayelsa Assembly suspends clerk

The Bayelsa State House of Assembly has suspended the Clerk of the House, Owudugo Kozigene, for three...

Blasphemy: Court reserves judgment on musician’s death sentence appeal

The Kano State High Court (Appeal Division), on Thursday, reserved judgment on an appeal filed by a...

No pardon for rapists, says Sanwo-Olu

The Lagos State Governor, Babajide Sanwo-Olu, has said no offender indicted in reported cases of rape and...

By Joseph INOKOTONG

Inflation in Nigeria stood at 14.33 per cent in February, slowing for the 13th month in a row, and driven by a decline in the pace of food price increases, the statistics office said on Wednesday.

The food price index showed inflation at 17.59 per cent in February, compared with 18.92 per cent in January. Core inflation was 15.13 per cent last month.

NBS head 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 as 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 remains fragile after the 2016 recession.

A stand-off that has affected Nigeria’s ability to set interest rates may also be coming to an end, with the possibility of a rate-setting meeting as early as next Tuesday.

This is because the Senate has said it will start screening new members of the Central Bank’s interest rate committee after it held up some of President Muhammadu Buhari’s nominees in a political spat.

The bank has kept its main interest rate at 14 per cent for over a year now as it battles inflation and seeks to attract foreign investors to support the naira currency.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Bayelsa Assembly suspends clerk

The Bayelsa State House of Assembly has suspended the Clerk of the House, Owudugo Kozigene, for three...

Blasphemy: Court reserves judgment on musician’s death sentence appeal

The Kano State High Court (Appeal Division), on Thursday, reserved judgment on an appeal filed by a 30-year-old musician, Sharrif Yahaya, who...

No pardon for rapists, says Sanwo-Olu

The Lagos State Governor, Babajide Sanwo-Olu, has said no offender indicted in reported cases of rape and gender-based violence will go scot-free...

US election: Trump gives condition to vacate White House

United States President Donald Trump says he will relinquish power if the Electoral College affirms Democrat Joe Biden’s win but he signals he...

The Experience concert goes virtual first time in 15 years

The 2020 edition of The Experience, an all-night gospel concert, will hold strictly online, says the organisers of the programme which has become...
- Advertisement -

More Articles Like This

- Advertisement -