Nigeria’s headline inflation maintained its uptrend for the tenth consecutive month, rising by 38bps in November to 21.47% y/y (October: 21.09% y/y). The outturn is 10bps above Cordros’ estimate (21.37% y/y) and 17bps higher than Bloomberg’s median consensus estimate (21.30% y/y). On a month-on-month basis, headline inflation increased by 15bps to 1.39% (October: 1.24% m/m).
Food inflation rose by 40bps to 24.13% y/y (October: 23.72% y/y). The rise in food inflation was caused by increased prices of Bread and cereals, Oil and fat, Potatoes, Yam and other tubers, Food products, Fish. On a month-on-month basis, food inflation settled at 1.40%, relative to the 1.23% m/m recorded in October.
Similarly, the core inflation increased by 48bps to 18.24% y/y (October: 17.76 y/y) – its highest reading since November 2016 (18.24% y/y). We highlight that the prices of Gas, Liquid fuel, Passenger transport by Air, Vehicles spare parts and Solid fuel recorded the highest increases. As a result, compared to the previous month, the core index grew by 74bps to 1.67% m/m in November 2022 (October: 0.93% m/m).
