Good Morning Nigeria: Inflation boosted by demand pressures
​Inflation boosted by demand pressures
Headline inflation picked up in December to 9.6% y/y from 9.4%. This was our expectation in polls of analysts by wire services. The core measure was flat for the third month in succession at 8.7% while food price inflation accelerated to 10.6% y/y from 10.3%. The headline rate was therefore again above the CBN’s “tolerance†range of between 6% y/y and 9%. If the sole concern of the MPC was price stability, it would have hiked its policy rate in November. Yet it cut the rate by 200bps in an effort to revive the flagging economy.
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