Dear All,
According to the National Bureau of Statistics, headline inflation for October 2022 edged up to 21.09% YoY from 20.77% in September 2022. This resulted from increases in both the food and core indices. The food index increased by 23.72% YoY (vs. 23.34% YoY in September 2022) due to an increment in the prices of food items such as bread, cereals, potatoes, yam, and oils. Similarly, higher prices of gas, liquid and solid fuel, vehicle spare parts, and air transportation costs drove core inflation higher to 17.76% YoY. On a month-on-month (MoM) basis, however, both core and food indices moderated. Food inflation decelerated for the fourth consecutive time to 1.23% MoM (vs. 1.43% MoM in September 2022), while the core inflation slowed for the seventh consecutive time to 0.93% MoM (vs. 1.59% MoM in September 2022). Expectedly, the continuous uptrend in inflation will be a major consideration at the upcoming Monetary Policy Committee (MPC) meeting.
Kindly find attached the full report.
