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Nigeria’s headline inflation sustained its upward trajectory for the sixth consecutive month, with the February CPI data printing 12.20% y/y (January: 12.13% y/y).
Accordingly, this is the fastest pace of consumer price growth witnessed since April 2018. Fact checks showed that the outturn was 7bps lower than both Cordros’ (12.30% y/y) and Bloomberg consensus’ (12.30% y/y) estimates. From a month ago, headline inflation rose at a slower pace (-8bps to 0.79% m/m).
Food inflation notched higher to 14.90% in the review period, owing to an unfavourable base from the prior year.
According to the National Bureau of Statistics (NBS), the highest increases were recorded in the prices of Bread and Cereals, Fish, Meat, Vegetables, and Oils and fats.
Relative to previous month, food inflation moderated by 12bps to 0.87% m/m within the period under review.
Whereas core inflation rose by 9bps to 9.43% y/y elsewhere, the pressure was most significant in the prices of Pharmaceutical products, Non-durable household goods, Catering services, Passenger transport by air, and repair of furniture. On a month-on-month basis, the core basket rose by 9bps to 0.73%.
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