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Nigeria’s headline inflation rises to 15.70% y/y

Nigeria’s headline inflation reversed the previous months’ downtrend, as it expanded by 10bps in February to 15.70% y/y (January: 15.60% y/y). The outturn is in line with Bloomberg’s median consensus estimate (15.70% y/y). On a month-on-month basis, headline inflation rose by 16bps to 1.63% (January: 1.47% m/m).

Food inflation pared by 2bps to 17.11% y/y (January: 17.13% y/y). Notably, pressure was most significant in the prices of Bread and cereals, Food product, Potatoes, yam and other tubers, Oils and fats and Fruit. On a month-on-month basis, food inflation rose by 1.87%, relative to the 1.62% m/m recorded in the previous month.

Elsewhere, core inflation rose by 14bps to 14.01% y/y – the highest since April 2017 (14.75% y/y). Pressures were most significant in the prices of Gas, Liquid fuel, Wine, Tobacco, Spirit, Narcotics, Solid fuels, Cleaning, repair and hire of clothing, Garments, Shoes and other footwear, Other services in respect of personal transport equipment, Clothing materials, other articles of clothing and clothing accessories and Other services .Compared to the previous month, the core index increased by 8bps to 1.33% m/m in February 2022.