TUE 15 FEB, 2022-theGBJournal- In line with our expectations, Nigeria’s headline inflation reversed the upturn recorded December 2021 as it moderated slightly by 3bps to 15.60% y/y in January 2022 (December 2021: 15.63% y/y), according to data published today by the Nattional Bureau of Statistics (NBS).
The outturn is 13bps and 10bps higher than Cordros’ estimate (15.47% y/y) and Bloomberg’s median consensus estimate (15.50% y/y), respectively. On a month-on-month basis, headline inflation moderated by 34bps to 1.47%.
Food inflation moderated by 24bps to 17.13% y/y (December 2021: 17.37% y/y). Notably, pressures were most significant in the prices of Bread and cereals, Potatoes, yam and other tubers, Soft drinks, Oils and fats, and fruit. On a month-on-month basis, food inflation rose by 1.62%, relative to the 2.19% m/m recorded in the previous month.
Elsewhere, core inflation settled at 13.87% y/y. Pressures were most significant in the prices of Electricity, Liquid fuel, Wine, Tobacco, Spirit, Solid fuels, Cleaning, repair and hire of clothing, Shoes and other footwear, other services in respect of personal transport equipment, other services and pharmaceutical products. Compared to the previous month, the core index rose by 13bps to 1.25% m/m in January 2022.
Meanwhile, the State inflation profile shows that in January 2022, all items inflation on year-on- year basis was highest in Abuja (18.59%), Kogi (18.28%) and Bauchi (17.61%), while Kwara (12.94%) ,Niger (14.10%) and Oyo (14.19%) recorded the lowest rise.
On month on month basis however, January 2022, recorded the highest increases in Jigawa (2.45%), Kogi (2.34%) and Zamfara (2.32%), while Taraba (0.53%), Abia (0.69%) and Ondo (0.75%) recorded the lowest rise.
The food inflation on a year-on-year basis was highest in Kogi (22.61%), Enugu (19.84%) and Akwa-Ibom (19.67%), while Sokoto (14.18%), Bauchi (14.63%) and Kaduna (15.01%) recorded the lowest rise in January 2022.
On month-on month-basis, the food inflation was highest in Borno (2.87%), Zamfara (2.62%) and Kogi (2.53%), while Abia (0.29%), Taraba (0.57%) and Ondo (0.58%) recorded the lowest rise in January 2022.
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