Economic Brief: Nigerian Inflation eases to 15.13% in January 2018

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The National Bureau of Statistics (NBS) today (Wednesday, February 14th, 2018) released the Consumer Price Index (CPI) for January 2018. Much lower than our estimate of 15.40%, the inflation index dropped to 15.13% year-on-year…

 

On a month-on-month (m/m) basis, the headline index moved up to 0.80%, representing 21bps higher than December’s record of 0.59%. This is a reversal in the m/m inflation’s trend…

 

Based on the CPI classifications, the Food sub-index dropped moderately to 18.92% y/y, 50bps lower than 19.42% reported in December. This is the fourth consecutive months of decline here…

 

The Core sub-index (all items less farm produce) stood at 12.10% y/y, similar to the rate posted in December. On m/m basis, the index moved up to 0.68%, representing 17bps higher than 0.51% reported in previous month…

 

In line with broad CPI, the urban and rural indices (localized prices) trended downward. The urban index dropped marginally to 15.76% y/y, representing 2bps lower than 15.78% posted in December…

 

The lower reading in the headline inflation index was significantly impacted by marginal base year effect and ongoing harvest season which helped to…

 

Inflation Outlook for February 2018: We expect to see a lower inflation reading in the month of February. This will be aided by ongoing harvest season of some food items, such as tubers and vegetables…

Kindly click here to download the full Economic Brief- CPI January 2018 Report.

GTI

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