Nigeria’s headline consumer inflation eased marginally in February, slowing to 15.06% year-on-year from 15.10% in January, according to data released on Monday by the National Bureau of Statistics.
The latest figure marks the 11th consecutive monthly decline in inflation, although the pace of easing has been minimal in both January and February.
The Central Bank of Nigeria, which resumed monetary policy easing with a modest interest rate cut last month, has said it expects inflation to continue trending downward, as seen on Reuters.
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Food inflation, tracked under (NGFINF=ECI), rose in February to 12.12% year-on-year from 8.89% in January, remaining the primary driver of overall inflation in Africa’s most populous nation, the statistics agency said.
The bureau also recently introduced a revised methodology, shifting to a 12-month reference period instead of a single-month measure.
The central bank attributed the easing trend to the delayed effects of earlier monetary tightening, improved exchange rate stability, and increased food supply, which it says are helping to reduce inflationary pressures.
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