By Bamidele Famoofo
The National Bureau of Statistics (NBS) just published the February 2019 inflation report, showing that Nigeria’s headline consumer price index moderated for the second consecutive month. Specifically, headline inflation was 11.31percent year on year (y/y) in February declining from 11.37percent y/y in January.
The data came in 2 bps above Cordros Capital forecast of 11.29 percent y/y, but beat Bloomberg consensus estimate of 11.50 percent y/y by 19 bps. On a month-on-month basis, the headline index printed 0.73 percent (vs 0.73% in January)
Food inflation rose by 13.47percent y/y in the review period, slightly lower than the 13.51percent y/y recorded in January. Notably, the highest increase was recorded in the prices of Fish, Bread and cereals, Vegetables, Meat, Fruits, Potatoes, Yam and other tubers, oils and fats, soft drinks. On a month-on-month basis, food inflation increased at a slower pace, by 0.82%, compared…
