Nigeria: Inflation stabilizes in February
Latest reading: Consumer prices were up 15.1% on a year-on-year basis in February, stable from the previous month’s reading. February’s reading was the joint-weakest since November 2020.
Relative to the prior month’s figures, there were higher price pressures for food (+11.0% in annual terms vs +7.8% in January) and clothing and footwear (+16.1% vs +10.9% in January). In contrast, price pressures reduced for housing and energy in February (+18.8% vs +22.6% in January).
Meanwhile, core consumer prices rose 15.6% on a year-on-year basis in February, following a 17.2% rise in the previous month.
Lastly, consumer prices rose 2.01% in February on a month-on-month basis, following a 2.88% fall in the prior month.