Nigeria Headline Inflation Up By 8bps To 12.34% In April 2020

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Nigeria’s headline inflation continues its uptrend for the eight straight months, as it expanded by 8bps in April 2020 to 12.34% y/y (March: 12.26% y/y).

We highlight that the outturn is 4bps higher than the prior month’s number and Cordros’ estimate (12.30% y/y).

On a month-on-month basis, the headline inflation increased by 18bps to 1.02%.

Food inflation rose to 15.03% y/y in the review period, which we attribute to the frontloading of major food items, that preceded the lockdown imposed in FCT, Lagos and Ogun states.

According to the National Bureau of Statistics (NBS), the rise was caused by increases in prices of Potatoes, Yam and other tubers, Bread and cereals, Fish, Oils and fats, Meat, Fruits and Vegetables.

Compared to March 2020, food inflation expanded by 24bps, to 1.18% m/m. Similarly, core inflation was up by 25bps to 9.98%.

Most of the pressures in the month were recorded in the prices of Bicycles, Passenger transport by road, Passenger transport by sea and inland waterways, Paramedical services, Hospital services, pharmaceutical products, Medical services, Motorcycles and Major household appliances whether electric or not. On a month-on-month basis, the core index was up by 13bps 0.93%.

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