April 13, 2017/Cordros Research

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According to the National Bureau of Statistics (NBS), Nigerian headline consumer price index has recorded its second deceleration in fifteen months. Headline inflation was 17.26% in March, 52bps down from 17.78% in February, 56bps and 46bps higher than Bloomberg’s median estimate of 16.7% and Cordros’ forecast of 16.8% respectively. On month-on-month basis, the headline index increased 1.72% (vs. 1.49% the previous month).

Food inflation rose to 18.44%, from 18.53% in February. On m/m basis, food inflation climbed by 2.21%, a faster pace than the 1.99% recorded in February, driven by notable increases in the prices of bread, cereals, milk, meat, fish, potatoes, cheese, and eggs. Meanwhile, the slowest increases in food prices were recorded by soft drinks, coffee, tea, and cocoa.

Core inflation increased at a slower pace in March, rising by 15.4%, versus 16.0% in February, with the highest increases reported in electricity, liquid fuels, solid fuels, dwelling, clothing materials, other articles of clothing and clothing accessories, and book and stationeries. On a m/m basis however, the core index increased at a higher rate of 1.32%, 22bps ahead of the 1.10% reported the previous month.