Inflation Déjà vu in November

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Nigeria’s inflation statistics for November came in very close to October readings, underscoring the current stickiness of inflation. Headline inflation registered at 15.9% y/y, the same as in October and slightly above Vetiva and Consensus estimates of 15.8% y/y.

Similarly, Food Inflation registered at 20.3% y/y and 0.88% m/m in November, compared to 20.3% y/y and 0.85% m/m in October. Finally, Core Inflation registered at 12.2% y/y and 0.77% m/m in November, compared to 12.1% y/y and 0.76% m/m in October.

And beyond the usual challenges with food and energy prices, Nigeria’s underlying inflation is remarkably sticky. Annual Inflation (excl. food and energy prices) between August and November reads as follows: 12.70%, 12.71%, 12.73%, 12.72%.

Inflation Déjà vu in November - Brand Spur

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Food prices find serenity

Food inflation looks to have peaked in recent months (3-month average: 20.3% y/y), and this surge has been driven by increases in the prices of staples such as bread and cereal, milk, cheese, cocoa, and fish. We note that the severe food price pressures from the earlier parts of the year have subsided – Qtd average m/m inflation: 0.86% vs. 1.73% average in the first nine months of the year. On the imported food front, prices rose at a higher pace in November (15.7% y/y vs. 15.3% y/y in October), but the pace of price increase slowed on a monthly basis (1.24% m/m vs. 1.30% m/m in October).

Energy prices moderate but outlook is murky

Energy prices moderated across the country in November as prices of Household Kerosene (HHK), Premium Motor Spirit (PMS) and Automotive Gas Oil (diesel) declined 2.3%, 0.3% and 1.3% to ₦267.14, ₦145.60 and ₦199.26 respectively. This improvement in pricing is consistent with higher levels of product truck out reported by the Ministry of Petroleum Resources. Specifically, average daily truck out for dual-purpose kerosene (used as HHK), PMS and diesel rose from 0.7 million litres, 27.1 million litres and 5.0 million litres to 1.2 million liters, 31.3 million litres and 8.5 million litres respectively.

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However, we highlight recent challenges with PMS distribution in some states of the country. Amidst recent higher oil prices, disruptions in getting refined products to the depots have exerted pressure on the price charged by the depots and this, in turn, is pressuring the pump price. Amidst strike threats by petroleum marketers and queues building up, we see a greater risk of black markets for the product in the interim.

Many inflation factors but outlook little changed

Ongoing stability in the exchange rate and food prices are significant positives for Nigeria’s inflation moving forward. On the other hand, whilst high global oil prices support Nigeria’s fiscal and foreign exchange position, they put pressure on petroleum product prices in the country. Nevertheless, we expect regulation and Nigerian National Petroleum Corporation interventions to cap the impact of relatively strong global oil prices. Meanwhile, we do not consider electricity tariff hikes to be politically feasible at this point and do not account for the prospect in our forecasts.

Finally, any effect of increased festive spending should be countered by base effects. Moving forward, we are keeping an eye out on the effect of any monetary easing by the apex bank on Nigeria’s pricing environment. Overall, we expect inflation of 15.7% y/y in December (Previous: 15.6% y/y), translating to 2017 average inflation of 16.7% (2016: 15.6%). With the inflation outlook little changed, we do not expect the apex bank to alter its near-term monetary course.

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Prince Holding Group Brings International Brands to Cambodia With New Commercial Retailing Project

HONG KONG SAR - Media OutReach - 27 January 2021 - Prince Real Estate Group, a member of Prince Holding Group, a leading conglomerate in Cambodia, has successfully conducted an investment agreement ceremony of Prince Square. The project will be the real estate developer's first commercial retail project in Phnom Penh, Cambodia and it will bring a slew of well-known brand names like Adidas, Levi's, Skechers, Nike by Supergo, Huawei, OPPO, Potato Corner, Dakasi, Panda Cake and Pizza Hut to the city.

As a metropolitan area, Phnom Penh is steadily integrating into the global economy. According to the Globalization and World Cities Research Network, Phnom Penh was classified as a Gamma+ city[1] (cities that link smaller economic regions into the world economy) in 2020 moving up the ranks over the past two years.

With a total floor area of 35,000 square meters of retail space. Prince Square will be a four-storey building with a large supermarket, an international cinema, a fitness club, international restaurants, an indoor playground and fashion stores.

"I am deeply impressed by the number of tenants that have already signed on for Prince Square. As the first commercial retailing project for Prince Real Estate Group, I am pleased to note that the construction of Prince Square will involve the use of advanced equipment and attract world-renowned brands that will cater to the needs and preferences of Phnom Penh residents," said H.E. Mr. Khuong Sreng, municipal governor of Phnom Penh. "We hope it will attract local and international tourists to the city and increase Phnom Penh's attractiveness as an investment destination in Cambodia."

Prince Real Estate Group is one of the top developers in Cambodia. Founded in 2015, Prince Real Estate Group has completed numerous projects in Phnom Penh and Sihanoukville. It has contributed to the rapid transformation of urban Phnom Penh in recent years with real estate projects spanning across 1 million square meters.

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"We are thankful for the support offered by the Phnom Penh municipal government and leaders of relative departments that has ensured the smooth development of the project so far," said Steven Wang, CEO of Prince Real Estate Group. "It has been a long journey for Prince Square but with such high-profile tenants signing on, we have taken an important first step. Prince Square and its strategic brand partners will complement one another by sharing resources and seeking development opportunities together allowing us to live up to our aspiration of helping Cambodians build a better life."

Prince Real Estate Group is run by a team of experienced architects, property development professionals and building managers with extensive experience developing residential and commercial buildings, resorts and integrated facilities.

Prince Real Estate Group aims to be a multinational developer with aspirations to pursue projects across Southeast Asia.

[1] The World According to GaWC 2020 (link)

About Prince Holding Group

Prince Holding Group, better known as Prince Group, is one of the largest corporate conglomerates in Cambodia, with businesses spanning across multiple industries, including real estate development, banking, finance, aviation, tourism, logistics, technology, food and beverages, and lifestyle sectors. Prince Group adheres to its mission of "Building a Better Life" and the Group's philosophy espouses the values of "Commitment, Responsibility, Respect, Generosity and Innovation".

Inflation Déjà vu in November - Brand Spur

Securing Payments in Asia: Omise Integrates the EMV 3DS 2.2 Protocol Using Netcetera’s 3DS Server

Securing payments in Asia with latest 3-D Secure technology - Omise integrates the EMV(R) 3DS 2.2 protocol using Netcetera's 3DS Server


ZURICH, SWITZERLAND and SINGAPORE - EQS Newswire - 27 January 2021 - 

Securing payments in Asia with latest 3-D Secure technology
Omise integrates the EMV 3DS 2.2 protocol using Netcetera's 3DS Server

The Payment Service Provider Omise has implemented the Netcetera 3-D Secure Server to secure online payment transactions in the APAC region. Netcetera, a market leader for digital payment solutions, offers certified products for 3DS payment processing, and promotes secure and frictionless consumer authentication. With the go-live beginning of January 2021, Omise is among the first PSP customers to implement the latest EMV(R) 3DS 2.2 protocol, enabling them to increase the approval rates and reduce fraud.

PSPs, merchants and acquirers need to reduce the risk for non-authenticated transactions, associated refunds and lost revenue, while at the same time establishing a frictionless flow and improving the cardholder experience during online shopping. Finding the right balance of serving both security and convenience is a challenge.

To successfully address this challenge, Omise decided to implement the network-certified and PCI-ready Netcetera 3-D Secure Server on premise solution. They are among the first PSPs to implement the 3DS server with the latest protocol EMV 3DS 2.2. Jatuporn Pinnuvat, Head of Product Innovation at Omise, says: "After a thorough evaluation and investigation of different suppliers and products, we decided on Netcetera with their flexible, agile and independent payment offering. We consider their 3DS server as the most reliable and viable product to support secure and convenient transactions. The implementation was smooth and efficient, and we were able to save a lot of time and effort thanks to the comprehensive technical documentation, educational webinars and Netcetera's professional support."

With their strong presence, providing service to thousands of merchants in the APAC region, Omise is a major player in the payment industry, and drives security and convenience of online payments together with Netcetera. Kiril Milev, Managing Director of Netcetera's location in Singapore, says: "We are convinced that we can bring value to the payment industry with our certified and state-of-the-art products, driving e-commerce payment forward. With this implementation at Omise, we are able to strengthen our presence in the APAC region". Ivan Ong, responsible for sales and business development in the area for Netcetera, adds: "We are committed to adapt our products to new regulations and protocols and are always among the first to be compliant. We are happy to count Omise among our customers, and as one of the first to implement our server with the latest 3DS 2.2 protocol."

EMV(R) is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.

About Netcetera

Netcetera is a global software company with cutting-edge IT products and individual digital solutions in the areas of secure digital payment, financial technologies, media, transport, healthcare and insurance. More than 2,000 banks and issuers, and 150,000 merchants rely on the digital payment solutions and globally certified 3-D Secure products of the market leader for payment security. The owner-managed company covers the entire IT lifecycle, from ideation and strategy to implementation and operation. The balanced combination of the latest technologies and proven standards ensures investment security, from large-scale projects to innovative start-ups. Founded in 1996, Netcetera is a holding company with 700 employees and is headquartered in Zurich, Switzerland, with additional locations across Europe, Asia and the Middle East.

Further information:

About Omise

Established in 2013, Omise is a payments platform which provides businesses with a modern end-to-end infrastructure to accept, process and disburse payments online. Working with Omise, merchants have access to powerful payment tools, comprehensive risk management solutions, as well as connection to card networks and consumers' preferred payment methods. Omise enables revenue growth and seamless payment experiences across online, in-store and in-app.

Omise is present in Thailand, Japan and Singapore. The company is the payments platform of choice for thousands of brands today.

Further information:

Inflation Déjà vu in November - Brand Spur

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