Nigeria’s headline inflation increased further by 18bps in April to 22.22% y/y (March: 22.04% y/y). The outturn is 21bps and 12bps higher than Cordros’ estimate (22.01% y/y) and Bloomberg’s median consensus estimate (22.10% y/y), respectively. Similarly, on a month-on-month basis, consumer prices increased by 1.91% relative to the 1.86% m/m price increase in March.
Food inflation rose by 16bps to 24.61% y/y (March: 24.45% y/y). The increase in food prices was caused by higher prices of Oil and fat, Bread and cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetable, and Spirits. On a month-on-month basis, food inflation increased by 2.13%, relative to the 2.07% m/m recorded in the previous month.
Simultaneously, the core inflation increased further by 28bps to 20.14% y/y (March: 19.86 y/y). Significant pressures were recorded in prices of Gas, Passenger transport by air, Liquid fuel, Vehicle spare parts, Fuels, and lubricants for personal transport equipment, Medical services, and Passenger transport by road.
However, compared to the previous month, the core index eased by 38bps to 1.46% m/m in April.
