{"id":56750,"date":"2017-03-14T17:28:26","date_gmt":"2017-03-14T16:28:26","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=56750"},"modified":"2017-03-14T17:28:26","modified_gmt":"2017-03-14T16:28:26","slug":"nigerian-inflation-drops-17-78-first-time-15months","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/nigerian-inflation-drops-17-78-first-time-15months\/","title":{"rendered":"Nigerian Inflation Drops To 17.78 First Time In 15months"},"content":{"rendered":"<p>Nigerian inflation slowed for the first time <span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1277761067\"><span class=\"aQJ\">in 15 months<\/span><\/span> to 17.78 percent<br \/>\nin February, driven by lower energy and utility prices, the National<br \/>\nBureau of Statistics (NBS) said <span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1277761068\"><span class=\"aQJ\">Tuesday<\/span><\/span>.<\/p>\n<p>The cost of living in Africa\u2019s most populous nation began rising in<br \/>\nNovember 2015, when inflation increased slightly to 9.37 percent from 9.3<br \/>\npercent a month earlier. It had risen steadily since then, peaking at 18.7<br \/>\npercent in January this year.<\/p>\n<p>\u201cThis represents the first time <span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1277761069\"><span class=\"aQJ\">in 15 months<\/span><\/span> that the headline CPI<br \/>\n(consumer price index) has declined on year-on-year basis representing the<br \/>\neffects of slower rises in already high food and non-food prices and<br \/>\nfavourable base effects over 2016 prices,\u201d the NBS said.<\/p>\n<p>Food prices, however, were up 18.5 percent year-on-year in February, a<br \/>\n0.74 points increase on the previous month because of increased costs of<br \/>\nbread, cereals, meat, fish, yam and potatoes.<br \/>\nAnalysts said inflation would continue to fall because of the decision of<br \/>\nthe central bank to make available more US dollars to the foreign exchange<br \/>\nmarket.<\/p>\n<p>\u201cRecent currency appreciation will probably cut inflation in March,\u201d the<br \/>\nCapital Economics consultancy said in an email after the announcement.<\/p>\n<p>\u201cThe Central Bank of Nigeria began intervening in the FX market in late<br \/>\nFebruary by selling over $1.5 billion worth of foreign currency.<\/p>\n<p>\u201cThis intervention has caused the naira to strengthen sharply on the<br \/>\nwidely-used parallel market, on which it jumped from about N500\/US$ to<br \/>\naround N450\/US$ where it remains today.<\/p>\n<p>\u201cIndeed, we expect that inflation will continue to slow over the coming<br \/>\nmonths as the effects of last year\u2019s depreciation wash out of the annual<br \/>\ncomparison.<\/p>\n<p>\u201cEven if the currency is devalued this year, which remains our key view,<br \/>\nwe expect that this will happen in steps and that the falls will not be as<br \/>\nsignificant as they were last year.\u201d<\/p>\n<p>Oil-dependent Nigeria plunged into recession in August last year after<br \/>\nmonths of being battered by low global crude prices and militant attacks<br \/>\non energy infrastructure in the oil-rich south.<\/p>\n<p>That slashed government revenue from oil export sales and sent inflation<br \/>\nsoaring<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Nigerian inflation slowed for the first time in 15 months to 17.78 percent in February, driven by lower energy and utility prices, the National Bureau of Statistics (NBS) said Tuesday.&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":51269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-56750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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