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Surprise! Surprise!! Nigeria’s Inflation Eases to 11.9% in February - FDC Economic Bulletin - March 2012

The National Bureau of Statistics (NBS) report shows that the moderation in the inflation rate occurred principally as a result of a decline in the food index, which consti-tutes 50.70% of the basket. The food index eased to 12.9% in February, as against 13.1% in January, due to the har-vest and seasonality. This decline notwithstanding, the level of food prices remain above the corresponding level a year ago, of 12.1%.The fundamental question is: what is responsible for this decline in the rate of inflation shortly after a 50% hike in the price of petrol?

Factors Responsible for Muted Hike

1.Energy Prices

2.Previous Tightening Measures

3.Exchange Rate Stability

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