Nigeria’s headline inflation rose by 10bps in February to 21.91% y/y (January: 21.82% y/y). The outturn is 20bps lower than Cordros’ estimate (22.11% y/y), but 11bps higher than Bloomberg’s median consensus estimate (21.80% y/y).
However, on a month-on-month basis, headline inflation eased by 15bps to 1.71% (January: 1.87% m/m). Food inflation increased marginally by 3bps to 24.35% y/y (January: 24.32% y/y).
The slight increase in food prices was due to higher prices of Oil and Fat, Bread and Cereals, Potatoes, Yam and Other Tubers, Fish, Fruits, Meat, Vegetable, and Food Products.
Meanwhile, on a month-on-month basis, food inflation increased by 1.90%, relative to the 2.08% m/m recorded in the previous month.
Elsewhere, the core inflation moderated by 31bps to 18.85% y/y (January: 19.16 y/y) its first moderation since March 2022 (-10bps to 13.91% y/y).
Significant pressures were recorded in prices of Gas, Passenger Transport by Air, Liquid Fuel, Fuels, and Lubricants for Personal Transport Equipment, Vehicles Spare Parts, and Solid Fuel. Compared to the previous month, the core index eased by 75bps to 1.07% m/m in February 2023.