…The core index eased by 17bps to 2.10% m/m in September 2024 compared to the previous month (2.27% m/m).
TUE OCT 15 2024-theGBJournal| Nigeria’s headline inflation surged, unexpectedly, by 55bps to 32.70% y/y in September (August: 32.15% y/y), marking the first rise in three months and breaking a streak of two consecutive declines.
The latest figures published today by National Bureau of Statistics (NBS) (CPI and Inflation Report), shows the outturn is 30bps higher than Cordros’ (32.40% y/y) and Bloomberg’s median consensus (32.40%) estimates.
On a month-on-month basis, headline inflation rose by 30bps to 2.52% (August: 2.22% m/m).
Food inflation increased by 25bps to 37.77% m/m (August: 37.52% m/m).
The rise in food inflation on a year on-year basis is attributed to increases in prices of the following items: Guinea Corn, Rice, Maize grains, Beans, Yam, Water Yam, Cassava Tuber, Beer (Local and Foreign), Lipton, Milo, Bournvita, etc (Coffee, Tea & Cocoa Class) and Vegetable Oil, Palm Oil, etc (Oil & Fats Class).
On a month-on-month basis, food inflation settled at 2.64%, relative to the 2.37% m/m recorded in August.
Surprisingly, core inflation (All items less farm produce and energy) moderated by 15bps to 27.43% y/y (August: 27.58% y/y).
Despite the slowdown, the core basket remains elevated in line with notable prices increases recorded across Rents (Actual and Imputed Rentals for Housing Class), Bus Journey intercity, Taxi Journey per drop, etc (under Passenger Transport by Road Class), Meal at a local Restaurant (Accommodation Service Class), Laboratory service, Consultation Fee of a medical doctor, etc (under Medical Services Class).
Likewise, the core index eased by 17bps to 2.10% m/m in September 2024 compared to the previous month (2.27% m/m).
”This uptick in inflation figures indicate renewed economic pressures, primarily fueled by rising food and energy prices,” analysts at Comercio Partners Research said in response to the trend.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
