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December 2023 CPI Report: Inflation Bites Deeper

Yesterday, the National Bureau of Statistics (NBS) released the Consumer Price Index (CPI) report for December 2023. Headline inflation increased by 72bps to 28.92% Year-on-Year (YoY), compared to 28.20% YoY in November 2023. This upswing was fueled by increases in its subcomponents: Food inflation (+109bps to 33.93% YoY) and Core Inflation (+68bps to 23.06% YoY). On a Month-on-Month (MoM) basis, headline inflation rose by 20bps to reach 2.29% MoM (vs 2.09% MoM in November 2023). This rise was also driven by increases in both food inflation (+30bps to 2.72% MoM) and Core inflation (+29bps to 1.82% MoM).

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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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