FRI, 16 SEPT, 2022-theGBJournal| Nigeria’s headline inflation advanced by 88bps in August to 20.52% y/y (July: 19.64% y/y), the highest print since September 2005 (24.32% y/y).
The outturn is in line with Cordros’ estimate (20.52% y/y) and 2bps higher than Bloomberg’s median consensus estimate (20.50% y/y). On a month-on-month basis, headline inflation eased by 5bps to 1.77%.
According to latest data published by the National Bureau of Statistics (NBS), food inflation rose to its highest level since October 2005 (24.56% y/y), increasing by 110bps to 23.12% y/y (July: 22.02% y/y).
Notably, the rise in food inflation was caused by increased prices of Bread and cereals, Food products, Potatoes, yams and other tubers, fish, meat, oil and fat. On a month-on-month basis, food inflation settled at 1.98%, relative to the 2.04% m/m recorded in the previous month.
Similarly, the core inflation rose by 94bps to 17.20% y/y (July: 16.26 y/y) – its highest level since January 2017 (17.87% y/y).
Pressures were most significant in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, fuel and lubricants for personal transport equipment, Cleaning, Repair and Hire of clothing. Compared to the previous month, the core index moderated by 17bps to 1.75% m/m in August 2022.
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