Customer Desk+234 1 280 4000
Internet Banking

Weekly Economic and Financial Commentary – 24 February, 2020

Data released by the UK Office for National Statistics (ONS) last week showed the inflation rate increased to a six-month high of 1.8% in January (from 1.3% YoY in December) following a surge in petrol prices and an increase in...

  • Home
  • Weekly Economic and Financial Commentary – 24 February, 2020

Data released by the UK Office for National Statistics (ONS) last week showed the inflation rate increased to a six-month high of 1.8% in January (from 1.3% YoY in December) following a surge in petrol prices and an increase in the cost of gas and electricity compared to the same period in the prior year. Accordingly, the inflation rate is now closer to the Bank of England’s target of 2%. Fuel prices in January rose 4.7% YoY, marking the biggest rise since November 2018.

Also, separate data released by the ONS showed that the headline rate of output inflation for goods leaving the factory gate was up 1.1% YoY in January from 0.9% YoY in December 2019. The growth rate of prices for materials and fuels used in the manufacturing process was 2.1% YoY, up from 0.9% YoY in December.

Download Research

The information contained in this web site reflects thoughts and opinions of NOVA Research Team only, and the firm is not soliciting any transaction based upon such information.


The contents of this website are for informational purposes only and may not reflect current financial developments or market conditions. You should not act or refrain from acting on the basis of any content included in this web site without seeking financial or professional advice on the particular facts and circumstances at issue. NOVA Research Team reserves the right to change any information contained herein without prior notice. The firm is not responsible for any third-party content that may be accessed through this web site. The distribution or photocopying of the firm information contained on or downloaded from this site is strictly prohibited without the express written consent of NOVA Research Team.