Dear All,
The National Bureau of Statistics (NBS) report on consumer prices showed that headline inflation was higher in September 2022 (20.77% YoY vs. 20.52% in August). Both the food and core indices continue to contribute to the uptrend in headline inflation. The food index edged higher by 23.34% YoY, driven by the increase in prices of bread, cereals, potatoes, yam, fish, oil, meat, yam, and other tubers. Similarly, the core index ticked up by 17.60% YoY (vs 17.20% the previous month) as the prices of gas, solid and liquid fuels, and transportation costs (road and air) increased. For the third consecutive month, food inflation grew at a slower pace to 1.43% (vs. 1.98% in August), while core inflation remained flat at a 1.59% growth rate. Overall, headline inflation moderated for the second consecutive month to 1.36% (vs. 1.77% in August). As the headline inflation rate continues to trend upward, the real rate of return has remained negative despite the hike in the Monetary Policy Rate (MPR).
Kindly find attached the full report.
