City in Nigeria

Nigeria Inflation February 2020

Nigeria: Inflation rises for sixth month running in February

Consumer prices rose 0.79% on a month-on-month basis in February, down from January’s 0.87% increase. The moderation was mostly driven by slower growth of food prices.

Meanwhile, inflation climbed for the sixth consecutive month to 12.2% in February (January: 12.1%), the highest reading since April 2018. Thus, it rose further above the Central Bank’s target range of 6.0%–9.0%, where it has been for nearly five years. As for annual average inflation, it held steady at 11.5% in February.

Moreover, core consumer prices, which exclude volatile agricultural produce, rose 0.73% month-on-month in February, below January’s 0.82% increase. Core inflation ticked up to 9.4% from 9.3% in the previous month.

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