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Nigeria’s headline inflation moderated by 5bps to 15.10% year on year in January,  More notably, on a month-on-month basis, consumer prices contracted by 2.88%, a sharp reversal from the 0.54% increase recorded in December.

Food inflation moderated by 195bps to 8.89%  in January against December: 10.84% year on year.

On a month on month basis, the food index fell by -6.02% against December: -0.36% month on month, due to the rate of decrease in the average prices of Water Yam, Eggs, Green Peas, Groundnut Oil, Soya Beans, Palm Oil, Maize (Corn) Grains, Guinea Corn, Beans, Beef Meat, Melon (Egusi) Unshelled, Cassava Tuber, Cow Peas (White) etc.

At the same time, core inflation (all items excluding farm produce and energy) eased by 91bps to 17.72%  in January (December: 18.63% year on year.

On a month-on-month basis, the core index declined by 1.69% December: +0.58% month on month.