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April 2024 CPI Report - A Tale of Two Sides

A Tale of Two Sides Yesterday, the National Bureau of Statistics (NBS) released the Consumer Price Index (CPI) for April 2024. Inflationary pressures persisted as headline inflation climbed 49bps to 33.69% YoY compared to 33.20% YoY in March 2024. This uptick was driven by both food inflation (+52bps to 40.53% YoY) and core inflation (+94bps to 26.84% YoY). Conversely, on a month-on-month (MoM) basis, headline inflation moderated by 73bps to 2.29% MoM (compared to 3.02% MoM in March 2024) for the second consecutive month. This decline was on the back of both food prices (-111bps to 2.50% MoM) and core inflation (-34bps to 2.20% MoM). While the month-on-month slowdown offers a glimmer of hope, Nigeria's inflation situation remains a cause for concern. The significant cost increases, particularly in food prices, continues to pose a challenge for Nigerians every day. Policymakers will need to address the underlying causes of inflation to bring down prices in the medium to long term and ensure economic stability.

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ARM Securities Limited
ARM Securities Limited

ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape. ​

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