INFLATION WATCH – JUNE 2021

A Persistent decline in Nigeria’s Headline Inflation Figures

The Consumer Price Index (CPI) report for June which was released today, shows that Nigeria’s headline inflation moderated for the third consecutive month, down 18bps Y-o-Y to 17.75% (from 17.93% in the prior month). The inflation rate came in 12bps lower than our estimate of 17.87% and 5bps lower than the Bloomberg consensus estimate of 17.8%. However, month-on-month headline inflation increased by 5bps to 1.06%.

We anticipate further moderation in headline inflation figures in the coming month due to the impact of a high base from the previous year.

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