Nigeria Inflation Up by 6bps to 12.40% in May 2020

Statistician General NBS Yemi Kale

Nigeria’s headline inflation maintained its upward trend, as it expanded by 6bps in May 2020 to 12.40% y/y (April: 12.34% y/y). Relative to market analyst estimate (12.34% y/y), the outturn is 6bps higher. From a month ago, the headline inflation increased by 15bps to 1.17%, steepest pace of price growth since July 2017.

Food inflation rose to 15.04% y/y (April: 15.03% y/y) in the review period. According to the National Bureau of Statistics (NBS), the rise was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Oils and Fats, Fruits, Fish and Meat. Compared to April 2020, food inflation expanded by 24bps, to 1.42% m/m.

Core inflation posted a similar outturn, as the basket was up by 14bps to 10.12%. Most of the pressures in the month were recorded in the prices of pharmaceutical products, Medical services, Repair of furniture, Hospital services, Passenger transport by road, Motor car, Bicycles, Maintenance and repair of personal transport equipment, Passenger transport by sea and inland waterways, Paramedical services, Motorcycles, and Hairdressing salons and personal grooming establishment. On a month-on-month basis, the core index was down by 5bps 0.88%.

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