By Chioma Obinagwam
Nigeria’s headline inflation grew higher by 72bps to 28.92% y/y in December (November: 28.20% y/y).
Confiance News gathered from a report from Cordros Research on Tuesday.
Reacting to the report, Cordros Research said: “The outturn is 90bps and 32bps higher than Cordros’ (28.02% y/y) and Bloomberg’s median consensus (28.60% y/y) estimates, respectively. Similarly, on a month-on-month basis, headline inflation rose by 20bps to 2.29% (November: 2.09% m/m).”
In the same vein, food inflation maintained its uptrend in December, rising by 109bps to 33.93% y/y (November: 32.84% y/y).
It noted that the pressure was most significant in the prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, meat, fruit, milk, cheese, and eggs.
“On a month-on-month basis, food inflation increased to 2.72%, relative to the 2.42% m/m print recorded in the previous month,” it pointed.
Similarly, the core inflation (All items less farm produce and energy) rose by 68bps to 23.0% y/y (November: 22.38% y/y). The highest increases were recorded in prices of Passenger Transport by Road, Medical Services, Actual and Imputed Rentals for Housing, Passenger Transport by Air, Pharmaceutical products, Accommodation services, etc.
“Sequentially, the core index increased by 29bps to 1.82% m/m in December 2023 compared to the previous month (1.53% m/m),” the researchers added.
