Nigeria Inflation Figure Expands by 52bps to 14.23% y/y in October 2020

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Nigeria’s headline inflation maintained its upward trajectory, as it expanded by 52bps in October 2020 to 14.23% y/y (September: 13.71% y/y), the highest level since February 2018.

The outturn is 2bps higher than Cordros’ (14.21% y/y) estimate, with the variance stemming from the core index. Month-on-Month, headline inflation increased by 6bps to 1.54%, the highest level since June 2017.

Food inflation rose by 72bps to 17.38% y/y in the period under review. Notably, the highest price increases were recorded in bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetables, alcoholic and food beverages, and oils and fats. From a month ago, food inflation expanded by 1.96%, relative to the 1.88% recorded in the previous month.

Elsewhere, core inflation was up by 56bps to 11.14% y/y. Pressures were most significant in the prices of Passenger transport by air, Hospital and Medical services, Passenger transport by road, Pharmaceutical products, Motor cars.

Also affected were Vehicle spare parts, Maintenance and repair of personal transport equipment, Hairdressing salons and personal grooming establishments, Miscellaneous services relating to the dwelling, Paramedical services and shoes and other footwear.

Similarly, on a month-on-month basis, the core index was up by 31bps to 1.25%, relative to the 0.94% recorded in the previous month.

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