Nigeria: Headline inflation accelerates to 12.34%

rice July Headline Inflation Rate Jumpsto 12.82% as Food Prices Rise…
A vendor arranges bags of rice at the Wuse market in Abuja, Nigeria May 15, 2018. REUTERS/Afolabi Sotunde
CardinalStone Research
Inflation figures for April 2020 released by the National Bureau of Statistics (NBS). Nigeria’s headline inflation rose to 12.34% YoY (1.02% MoM), largely in line with our expectation (12.31% YoY) for the month.
The current reading is 8bps ahead of the March 2020 reading, with sustained pressure from the core inflation sub-index (+25 bps) this month.
  • Food inflation rose by 5 bps to print 15.03% YoY (March 2020: 14.98% YoY)
  • Core inflation advanced by 25 bps to 9.98 % YoY (March 2020: 9.73% YoY)
  • Urban inflation rose by 8 bps to 13.01% YoY. Similarly, Rural inflation climbed by 9 bps 11.73% YoY