WED, NOV 15 2023-theGBJournal| Nigeria’s Consumer price pressures intensified in October, as the headline inflation advanced by 61bps to 27.33% y/y (September: 26.72% y/y), the latest data from the National Bureau of Statistics (NBS) reveals.
The inflation print is 21bps lower than Cordros’ estimate (27.54% y/y) and 37bps lower than Bloomberg’s median consensus estimate (27.70% y/y).
However, on a month-on-month basis, headline inflation moderated for the second consecutive month, easing by 37bps to 1.73% (September: 2.10% m/m).
In October, food prices rose by 88bps to 31.52% y/y (September: 30.64% y/y). The rise in food inflation was caused by increases in the prices of Bread and cereals, Oil and fat, Potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables and Milk, Cheese and Eggs.
Elsewhere, on a month-on-month basis, food inflation increased by 1.91%, relative to the 2.45% m/m recorded in September.
Similarly, the core inflation (All items less farm produce and energy) rose by 73bps to 22.58% y/y (September: 21.84% y/y).
The highest increases were recorded in the prices of Passenger Transport by Road, Medical Services, Passenger Transport by Air, Actual and Imputed Rentals for Housing, and Pharmaceutical Products.
On a monthly basis, the core index eased by 83bps to 1.39% m/m in October (September: 22.22% m/m).
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com| govandbusinessj@gmail.com
