Nigerian annual inflation down for 13th month in Feb

    0
    500

    Nigeria’s inflation slowed for a 13th consecutive month in February, but may still be too high for the central bank to start cutting rates from a record.

    Consumer-price growth in Africa’s most populous nation decelerated to 14.3 percent from 15.1 percent in January, the Abuja-based National Bureau of Statistics said in an emailed statement. The median estimate in a Bloomberg survey was 14.6 percent. Prices rose 0.8 percent in the month.

    Governor Godwin Emefiele said last month the Central Bank of Nigeria may reduce its benchmark from a record-high 14 percent before July if inflation drops closer to single digits. Price growth has exceeded the target range of 6 to 9 percent for 2 1/2 years partly due to increasing fuel and food costs, as well as a weaker currency that raised prices of imported goods.

    The cost of gasoline increased an average 15 percent to 172.5 naira ($0.48) in February from a year earlier, according to NBS, which collects data including pump prices that are above the government’s official cap of 145 naira per liter.

    The Monetary Policy Committee is scheduled to meet March 19-20 if at all, having missed its January gathering because it had insufficient members to form a quorum. That’s because lawmakers refused to confirm new members amid a political stalemate with President Muhammadu Buhari.

    The committee has kept the policy rate at 14 percent since July 2016 as it tries to balance fighting inflation, propping up the naira, and supporting an economy that the International Monetary Fund forecast will expand 2.1 percent this year, strengthening a recovery after contracting in 2016.

    — With assistance by Simbarashe Gumbo

    SHARE
    Previous articleGender parity: Stanbic IBTC reiterates equal opportunity credential
    Next articleWest Africa’s BRVM bourse targets 12 listings over 2018-20
    Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.