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Headline Inflation Maintains Uptrend

Nigeria’s headline inflation maintained its uptrend, rising by 49bps to 33.69% y/y in April (March: 33.20% y/y). The outturn is 129bps and 51bps lower than Cordros’ estimate (34.98% y/y) and Bloomberg’s median consensus estimate (34.20% y/y).

However, on a month-on-month basis, headline inflation eased further by 73bps to 2.29% (March: 3.02% m/m).

Food inflation edged higher in April by 52bps to 40.53% y/y (March: 40.01% y/y). Increases in prices of Millet flour, Garri, Bread, Wheat Flour prepacked, Semovita (which are under Bread and Cereals Class), Yam Tuber, Water Yam, cocoyam (under Potatoes, Yam and other Tubers Class), Coconut Oil, Palm Kernel Oil, Vegetable Oil, etc. (under Oil and fat), Dried Fish Sardine, Catfish Dried, Mudfish Dried (under Fish class), Beef Head, Beef Feet, Liver, Frozen Chicken (under Meat class), Mongo, Banana, Grapefruit (under Fruit Class), Lipton Tea, Bournvita, Milo (under Coffee, Tea and Cocoa Class) triggered the rise in food prices. On a month-on-month basis, food inflation slowed by 2.50%, relative to the 3.62% m/m recorded in the previous month.

In the same vein, core inflation (All items less farm produce and energy) rose by 94bps to 26.84% y/y (March: 25.90% y/y).

The highest increases were recorded in prices of Actual and Imputed Rentals for Housing, Journey by motorcycle, Bus Journey within a city (under Passenger Transport by Road Class), Consultation Fee of a medical doctor, X-ray photography etc. (under Medical Services Class), and Accommodation Services. Elsewhere, the core index moderated by 34bps to 2.20% m/m in April 2024 compared to the previous month (2.54% m/m).

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