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Nigeria’s headline inflation rose by 89bps in June to 18.60% y/y (May: 17.71% y/y) – the highest print since January 2017 (18.72% y/y). The outturn is in line with Cordros’ estimate (18.61% y/y) and 10bps higher than Bloomberg’s median consensus estimate (18.50% y/y). On a month-on-month basis, headline inflation rose by 4bps to 1.82% (May: 1.78% m/m).
Food inflation increased to an 11-month high, rising by 110bps to 20.60% y/y (May: 19.50% y/y). Notably, pressure was most significant in the prices of Bread and cereals, Food products, Potatoes, yam, and other tubers, Meat, Fish, Oil and fat, and Wine. On a month-on-month basis, food inflation increased by 2.05%, relative to the 2.01% m/m recorded in the previous month.
Similarly, the core inflation rose by 85bps to 15.75% y/y (May: 14.90 y/y) – its highest level since February 2017 (16.01% y/y). The highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Garments, Passenger transport by road, Cleaning, Repair and Hire of clothing, Passenger travel by Air. Compared to the previous month, the core index moderated by 31bps to 1.56% m/m in June 2022.
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