According to the statistics agency, Nigeria’s headline inflation increased by 72 basis points to 28.92% year on year in December. Following a spike in food costs, the consumer price index in November was 28.20%.
According to the data, the outcome is 90bps and 32bps higher than the Cordros Capital Limited 28.02% l and Bloomberg’s median consensus of 28.60% predictions, respectively.
Similarly, headline inflation increased by 20 basis points to 2.29% in November 2023, up from 2.09% in November 2023. Food inflation remained on the rise in December, jumping 109 basis points year on year to 33.93% from 32.84% in November.
Notably, the pressure was most significant in the prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, meat, fruit, milk, cheese, and eggs. On a month-on-month basis, food inflation increased to 2.72%, relative to the 2.42% m/m print recorded in the previous month. Naira Rises by 19% as Forex Market Pressures Ease
Similarly, the core inflation (All items less farm produce and energy) rose by 68bps to 23.0% y/y (November: 22.38% y/y).
The highest increases were recorded in prices of Passenger Transport by Road, Medical Services, Actual and Imputed Rentals for Housing, Passenger Transport by Air, Pharmaceutical products, Accommodation services, etc. Sequentially, the core index increased by 29bps to 1.82% m/m in December 2023 compared to the previous month (1.53% m/m
