Volatile naira pushes Inflation to 3 year high of 11.38%
​According to the Consumer Price Index report published by the Nigeria Bureau of Statistics (NBS), headline inflation accelerated sharply to 11.38% y/y (Vetiva estimate: 9.8%) in February, the highest increase recorded in 38 months. This jump in general price levels was largely driven by a surge in the disaggregated Core CPI, hitting double digit region for the first time since February 2013, and an eleventh consecutive month quickening in food inflation to 11.35% y/y. Core inflation came in 220 basis points higher at 11.04% y/y compared to January, owing to a faster and broad based acceleration in all key divisions, save for the Restaurants and Hotels divisions.
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