Recently the National Bureau of Statistics made available the headline inflation figure for the month of April. Headline inflation eased off marginally from 17.26% to 17.24%, while Core inflation maintained its downward trajectory as it eased off considerably to reach a 12 months low of 14.75%. Food inflation took its biggest leap in 12 months to climb by 0.86% to reach 19.3%. Thus, the persistent volatility in food prices eroded the fall in core inflation, obviously the volatility in food inflation has become the biggest upside risk to inflation. Our concern is that the persistent volatility in food inflation could trigger inertia, as it remains reluctant to stay put at the trough.
Fig1: A graphical illustration of changes in food inflation over the last 12 monthsÂ Â
Source: NBS, Proshare Research
In the week ahead, Monetary Policy Committee meeting will take place, which will hold on 22nd and 23rd of May. A re-calibration in monetary policy is needed as output gaps linger on coupled with an amplified growth in non performing loans. There is need to need to re-tweak monetary policy such that it can support economic agent and allow them to co-habit with double digit inflation.
Monday, May 22, 2017
The 256th Meeting of the Monetary Policy Committee (MPC) is scheduled to commence today in Abuja, while the Ogun State Education Summit 2017 commences.
The Nigerian-British Chamber of Commerce (NBCC) will commence the celebration of it 40th anniversary in Nigeria and the United Kingdom with the launch of MSMEs centres.
Tuesday, May 23, 2017
Proshare WebTV will host economists at Proshare to discuss the #MPCDecisions today at 1:30pm via #AskProshare, while the National Bureau of Statistics will today release the Q1â 2017 Gross Domestic Report.
NSE Real Estate Investment Trust Conference focusing on âReal Estate Investment Trust in Sub-Saharan Africa: The Role of The Capital Marketâ is scheduled to hold today, while Nestle Nigeria Plc, UACN Property Development Company Plc, Jaiz Bank Plc and Law Union & Rock Insurance Plc hold their Annual General Meeting today.
The City Invest Trade Show Nigeria will commence today at the Landmark Centre to showcase products like residential, office, retail, industrial, hotels, architecture, construction and engineering, law firms, insurance companies etc in the Architecture & Designing, Building Construction industries, while the 2nd Annual Conference on Financial Fraud & Cybercrime will holds.
Wednesday, May 24, 2017
Dangote Cement Plc and WAPIC Insurance Plcâs Annual General Meeting (AGM) will hold today, while the Lagos State Chapter of the flagship branch of the Nigerian Institute of Public Relations (NIPR) will today unveil programme of activities for the activation of the Lagos Public Relations Week.
Thursday, May 25, 2017
The Nigeria-South Africa Chamber of Commerce will today hold its May 2017 edition of its breakfast meeting focusing on âThe Economy and the 2017 outlook for the Financial Services Industryâ while the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) will hold its 57th Annual General Meeting (AGM) in Ogun State.
Regency Alliance Insurance Plc will also hold its AGM today in Lagos.
Friday, May 26, 2017
In order to foster credible partnerships between Small and Medium business owners in Nigeria and their foreign counterparts in the areas of agriculture and building materials, Footprint to Africa organized the NigeriaÂ SME Connect 2017. The 3 day event will end today.