Nigeria’s headline inflation moderated by 4bps to 15.39% y/y in August (July: 15.43% y/y). This print came in 2bps above our estimate (+15.37% y/y). Likewise, on a month-on-month basis, growth in consumer prices slowed by 86bps to 0.71%, compared with 1.57% m/m recorded in July.
Disaggregating the data, food inflation moderated by 75bps to 19.57% y/y in August (July: 20.31% y/y).
On a month-on-month basis, growth in the food index slowed by 1.02% in August (July: 5.56% m/m), reflecting lower price increases of Palm Oil, Carrots, Pepper, Onions, Cassava Flour, Beef, Yam Flour, Water Yam, Melon (Egusi), Fresh Ginger Fresh Fish, Irish Potatoes, Wheat Grain, Frozen Chicken, Turkey Meat, Yam Flour, etc.
Elsewhere, core inflation (all items excluding farm produce and energy) eased by 168bps to 13.29% y/y in August (July: 14.97% y/y). On a month-on-month basis, the core index declined by 0.06% (July: +0.15% m/m).
