The National Bureau of Statistics (NBS) on Tuesday published September 2018 inflation report, showing that Nigeria’s headline consumer price index sustained uptick for the second consecutive month.
Headline inflation printed 11.28% y/y in September, up from 11.23% y/y in August. The data came in 26 bps below our forecast of 11.54% y/y and 17 bps below Bloomberg compiled average estimate of 11.45% y/y. On month-on-month basis, the headline index moderated to 0.84% (vs. 1.05% the previous month).
Food inflation rose by 13.31% y/y in the review period, higher than the 13.16% y/y recorded in August. Instructively, the highest increase was recorded in the prices of bread and cereal, potatoes, yam and other tubers, oil and fats, vegetables, and fruits. On month-on-month basis, food inflation tapered to 1.00%, compared to the 1.42% recorded in the previous month.
Core inflation was 9.80% y/y during the review period, vs. 10.02% in August. The highest increases were reported in the prices of fuels and lubricants, dental services, hospital services, vehicle spare parts, furniture and furnishing, tobacco, and carpets and other floor covering. On a m/m basis, the core index increased at a slower pace of 0.64%, 3 bps below the 0.78%% reported in August.
