By Bukola Olasanmi


Annual inflation in Nigeria has dropped to 14.33 per cent in February, slowing for the 13th month in a row, the statistics office said on Wednesday.

It is driven by a decline in the pace of food price increases.

The food price index showed inflation at 17.59 per cent in February, compared with 18.92 per cent in January.

Head of NBS Yemi Kale said in January he expects inflation to fall faster this year compared with 2017, but that spending ahead of 2019 presidential elections could stoke prices.

Food price inflation has remained in high double digits over the last year. Kale has said the country is in a harvest period and output is increasing, which would help lower food prices, but household consumption remains fragile after the 2016 recession.