Good Morning Nigeria: Fx pressures not fully reflected in inflation
​Fx pressures not fully reflected in inflation
Headline inflation in January was unchanged at 9.6% y/y. This was our expectation. The core measure rose from 8.7% y/y to 8.8% while food price inflation remained flat at 10.6% y/y. The headline rate was again above the CBN’s “tolerance†range of between 6% y/y and 9%. The NBS commentary noted that among the highest m/m price increases were those recorded for passenger transport by road, and also book and stationery groups as a result of the start of the new school term across the country.
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