July 18, 2016/Cordros Research

The National Bureau of Statistics (NBS) just published June 2016 headline inflation at 16.5%. The y/y increase was driven largely by imported goods, prices of energy and related items, especially electricity and liquid/solid fuels.

Food inflation rose by 15.3% y/y and 1.4% m/m. The primary drivers here are price increase in bread and cereals, fish, meat and oil and fats categories.

Core inflation rose 16.2% y/y and 1.8% m/m, driven by price increase in electricity, liquid fuels (kerosene/diesel), furniture, passenger transport and lubricants.

Consumer Price Index (CPI) January 2016