March Inflation - Another sharp rise in consumer prices
​Nigeria’s headline inflation rose sharply to 12.8% y/y (Vetiva estimate: 11.4%) in March according to the Consumer Price Index report published by the Nigeria Bureau of Statistics (NBS). Inflation was higher than Bloomberg Consensus of 11.8% and is the highest reported since July 2012. As in the previous month, the higher price level was reflected across all sub divisions (with a slower pace increase reported in the Restaurants and Hotels for the second consecutive month). This jump in general price levels was driven by a surge in Food inflation to a 46-month high of 12.8% y/y whilst Core inflation rose to a 39-month high of 12.2% y/y. As expected, the highest month-on-month (m/m) rises were observed in the “Imported Food†and “Housing, Water, Electricity, Gas and Other Fuel†indexes. We attribute these to the foreign exchange (FX) rate pass through, hike in electricity tariff in the preceding months and tight fuel supply.
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