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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