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Nigeria Inflation February 2023

Nigeria: Inflation accelerates to near 18-year high in February

Inflation ticked up to 21.9% in February, up from January’s 21.8%, moving further above the upper bound of the Central Bank’s 6.0–9.0% target band. February’s result represented the highest inflation rate since September 2005 and surprised markets on the upside. Looking at the details of the release, February’s uptick chiefly reflected stronger price increases for food and housing and utilities. These more than offset prices for textiles increasing at a marginally softer rate in February. February’s result could mean the Central Bank will deliver another rate increase at its upcoming monetary policy meeting on 20–21 March.

Consequently, the trend pointed up, with annual average inflation rising to 19.9% in February, up from January’s 19.4%. conversely, core inflation receded, coming in at 18.8% in February, down from January’s 19.2%.

Lastly, consumer prices rose 1.71% over the previous month in February, a more moderate increases than January0s 1.87%.

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