Nigeria’s headline inflation creeps up marginally to 21.91%
Against analysts’ expectations of a decline, Nigeria’s headline inflation inched up 0.09% to 21.91% in February due to a sharp drop in the velocity of circulation of money. However, monthly inflation (a better reflection of inflation today) fell by 0.16% to 1.71%, indicating a slight ease in inflationary pressures in the country.
Oil prices plunge to a 15-month low
Brent price fell below $75pb on March 15th, a 15-month low. The decline in oil price was driven by increased crude supply from Russia and subdued demand as the collapse of Silicon Valley Bank spurred fears of a broader financial crisis. Similarly, LNG prices lost 1.94% to $2.53/mmbtu due to a milder weather forecast and lower demand from Europe.