The National Bureau of Statistics (NBS) has just published the January 2019 inflation report which shows that Nigeria’s headline consumer price index moderated in the period. Specifically, headline inflation was 11.37% y/y in January, declining from 11.44% y/y in December.
The data came in line with experts’ forecast of 11.37% y/y, but 13 bps below Bloomberg compiled average estimate of 11.50% y/y. On a month-on-month basis, the headline index printed by 0.74% (largely flat from the previous month).

Food inflation rose by 13.51% y/y in the review period, slightly lower than the 13.56% y/y recorded in December. Notably, the highest increase was recorded in the prices of Fish, Bread and cereals, Vegetables, Meat, Fruits, Potatoes, Yam and other tubers, oils and fats, soft drinks. On a month-on-month basis, food inflation increased faster by 0.83%, compared to the 0.81% recorded in the previous month.

Core inflation was 9.9% y/y during the review period, vs. 9.8% in December. The highest increases were reported in the prices of Domestic services and household services, Tobacco, major household appliances whether electronic or not, Medical and Dental services, Garments, Narcotics, Cleaning, repair and hire of clothing, Carpet and other flooring.
On m/m basis, the core index increased at a faster pace of 0.81%, 31 bps ahead of the 0.50% reported in June.

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