The National Bureau of Statistics (NBS) Friday released Nigeria’s inflation report for the month of January 2019.
The rate moderated to 11.37 percent year-on-year (y/y) – 7 basis points (bps) lower than the rate recorded in December 2018 (11.44 percent y/y) in line with consensus expectation of a slowdown.
On a month-on-month (m/m) basis, headline CPI stayed flattish at 0.74%, same as December, 2018.
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The moderation in the headline rate was driven by the Food Inflation sub-index which eased to 13.51 percent y/y from 13.56 percent y/y recorded in Dec-18, outweighing the rise in Core Inflation (up by 14 bps to 9.9 percent y/y).
