Nigeria’s headline inflation expanded by 25bps in September to 20.77% y/y (August: 20.52% y/y) the highest print since September 2005 (24.32% y/y).
The outturn is 41bps below analyst’ estimate (21.18% y/y) and 23bps lower than Bloomberg’s median consensus estimate (21.00% y/y).
On a month-on-month basis, consumer prices eased by 41bps to 1.36% (August: 1.77% m/m).
Food inflation increased by 22bps to 23.34% y/y (August: 23.12% y/y). The pressure in food inflation was driven by increased prices of Bread and cereals, Food products, Potatoes, yams, and other tubers, oil, and fat.
On a month-on-month basis, food inflation settled at 1.43%, relative to the 1.98% m/m recorded in August.
Similarly, the core inflation rose by 40bps to 17.60% y/y (August: 17.20 y/y) its highest level since January 2017 (17.87% y/y).Notably, the highest increases were recorded in prices of Gas, Liquid fuel,
Passenger transport by Air, Passenger travel by road, and Solid fuel. Compared to the previous month, the core index was unchanged at 1.59% m/m in September 2022.
