Nigeria’s headline inflation moderated by 5bps to 15.10% y/y in January (December: 15.15% y/y).
More notably, on a month-on-month basis, consumer prices contracted by 2.88%, a sharp reversal from the 0.54% increase recorded in December.
Food inflation moderated by 195bps to 8.89% y/y in January (December: 10.84% y/y).
On a month-on-month basis, the food index fell by -6.02% (December: -0.36% m/m), due to the rate of decrease in the average prices of Water Yam, Eggs, Green Peas, Groundnut Oil, Soya Beans, Palm Oil, Maize (Corn) Grains, Guinea Corn, Beans, Beef Meat, Melon (Egusi) Unshelled, Cassava Tuber, Cow Peas (White) etc.
At the same time, core inflation (all items excluding farm produce and energy) eased by 91bps to 17.72% y/y in January (December: 18.63% y/y).
On a month-on-month basis, the core index declined by 1.69% (December: +0.58% m/m).
