Consumer prices in Nigeria increased by 118bps to 33.88% y/y in October (September: 32.70% y/y).
The outturn is 39bps and 48bps higher than Cordros’ (33.49% y/y) and Bloomberg’s median consensus (32.40% y/y) estimates, respectively.
On a month-on-month basis, headline inflation increased by 12bps to 2.64% (September: 2.52% m/m).
Food inflation rose significantly by 139bps to 39.16% y/y in October (September: 37.77% y/y).
The higher Food inflation on a year-on-year basis was driven by increases in prices of the following items: Guinea Corn, Rice, Maize Grains, Yam, Water Yam, Coco Yam, Palm Oil, Vegetable Oil, Milo, Lipton, and Bourvita.
On a month-on-month basis, food prices surged by 30bps to 2.94% (September: 2.64% m/m).
Similarly, core inflation (All items less farm produce and energy) increased by 94bps to 28.37% y/y (September: 27.43% y/y).
The highest increases were recorded in prices of the following items: Bus Journey within the city, Journey by motorcycle, Bus journey intercity, Rents (Actual and Imputed Rentals for Housing Class), Meal at a local Restaurant (Accommodation Service Class), hair cut service, woman hairbrush, and women’s hairdressing (Hairdressing salons & personal grooming establishments Class).
The core index settled at 2.14% m/m in October 2024 compared to the 2.10% m/m in the previous month.
