December 15, 2016/Cordros Research

According to the National Bureau of Statistics (NBS), Nigerian consumer prices have increased for thirteen consecutive months. Headline inflation was 18.48% in November, up from 18.33% in October, and below Bloomberg’s median estimate of 18.6%. On month-on-month basis, the headline index increased 0.78%, the slowest since November 2015 (0.66%).

Food prices rose 17.19%, from 17.1% in October. On m/m basis, food inflation climbed by 0.88%, from 0.86% the preceding month. Imported Food inflation was unchanged at 21.2%, the prices of Food and Non-Alcoholic Beverages rose by 17.05% (vs. 16.92% in October) while those of Alcoholic Beverages, Tobacco and Kola increased by 15.21% (vs. 15.17% in October).

Core inflation increased 18.2%, versus 18.1% in September, with the highest increases reported in Housing, Water, Electricity, Gas and Other Fuels as well as, Clothing materials and other articles of clothing, books, liquid fuel, passenger transport by air, motor cycles and shoes and other footwear. On a m/m basis, the core index increased at a slower rate of 0.71% (vs. 0.8% the previous month).

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