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Tuesday, March 28, 2023

Headline Inflation Moderates for Sixth Consecutive Month

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According to the National Bureau of Statistics (NBS), Nigeria’s headline inflation moderated by 38bps to 16.63% in September 2021.

The descent in inflation was driven mainly by the sustained decline in Food inflation to 19.57% (-74 bps), which offset price pressures in the Core component (+26 bps to 13.74%).

Likewise, the urban and rural inflation readings moderated to 17.19% and 16.08%, respectively, in the review month (vs 17.6% and vs 14.49% apiece in August 2021).

On the flip side, pressures were evident on month-on-month numbers as the readings increased.

Headline inflation increased by 13bps to 1.15% (vs 0.93% in August).

Food inflation came in at 1.26% (vs 1.06% in August)
Core inflation was up by 47bps to 1.24%.

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