WED. 15 FEB, 2023-theGBJournal| Nigeria’s headline inflation advanced by 47bps in January to 21.82% y/y (December: 21.34% y/y).
The outturn is 50bps higher than Cordros’ estimate (21.32% y/y) and 52bps higher than Bloomberg’s median consensus estimate (21.30% y/y). Likewise, on a month-on-month basis, headline inflation increased by 15bps to 1.87% (December: 1.71% m/m).
Food inflation increased to its highest level since October 2005 (24.56% y/y), rising by 56bps to 24.32% y/y (December: 23.75% y/y). The rise in food inflation was triggered by higher prices of Bread and cereal, Oil and Fat, Potatoes, Yam and Other Tubers, Fish, Vegetables, Fruits, Meat, and Food Products. As a result, on a month-on-month basis, food inflation increased by 2.08%, relative to the 1.89% m/m recorded in the previous month.
Similarly, the core inflation rose by 66bps to 19.16% y/y (December: 18.49 y/y) – its highest print since January 2007 (19.34% y/y). Pressures were most significant in prices of Gas, Liquid Fuel, Passenger Transport by Air, Vehicles Spare Parts, Fuels, and Lubricants for Personal Transport Equipment, Solid Fuel, etc. Compared to the previous month, the core index advanced by 49bps to 1.82% m/m in January 2023.
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