Inflation edges higher, hits 5-year high
​The Nigeria Bureau of Statistics released the April Consumer Price Index report showing a quickening in Headline inflation amidst a faster pace of increase in price levels across all sub-divisions. Headline inflation in the month of April rose to the highest level recorded since June 2010 at 13.72% y/y (Mar: 12.8%), missing Vetiva and Consensus estimate of 13.0% y/y and 13.5% y/y respectively. Core inflation came in significantly higher at 13.35% y/y compared to the 12.17% recorded in March, majorly driven by a quickening in the Utilities (Housing Water, Electricity, Gas and Other Fuel) sub-category. Likewise, Food prices continued to exert pressure on the CPI as rises in both imported and domestic prices pushed food inflation to over 4 year high. The sub-index rose for the sixth consecutive month to 13.19% y/y (Mar: 12.74% y/y). On m/m basis however, Headline inflation rose at a slower pace of 1.61% relative to the 2.17% recorded in March given the slower acceleration in both the Core and Food sub-indices.
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