Inflation defies border reopening order, peaks at 15.75% YoY

December inflation Border reopening

Inflation defies border reopening order, peaks at 15.75% YoY   Inflationary pressure on cost of items in Nigeria has raged on unabated in December as headline inflation peaked at 15.75 per cent year-on-year in the month, setting highest record in 32 months. The National Bureau of Statistics (NBS) disclosed in its just released consumer price index (CPI) report for December that inflation spiked by 0.86 percentage points in December, compared with November 2020 record of 14.89 per cent. According to the report, increases were recorded in all Classification of Individual…

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NGSE recovery to continue on inflows from maturing bills, Q3 earnings releases

Profit Taking

Market Update for the Week Ended October 16 and Outlook for Oct 19-23 By Investdata Analysts Nigeria’s stock market maintained its bullish disposition over the past weeks amidst increasing headwinds ranging from the economic meltdown, negative macroeconomic indices, rising insecurity, and a resurgence of new coronavirus infection cases. The new wage of Covid-19 spread has been ignored so far by youths across the country protesting against incidences of brutality, extra-judicial killings, and maiming of often innocent persons, mostly youth, by the Police Special Anti-Robbery Squad popular known as SARS. In…

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FDC analysts forecast 14% inflation rate for September

inflation

Inflation will maintain its upward trajectory and increase to 14 per cent for the month of September, from the 13.22 per cent recorded in August, Financial Derivatives Company (FDC) has predicted. The Chief Executive Officer, FDC, Mr. Bismarck Rewane, who made the forecast at the Lagos Business School (LBS) Executive   Breakfast Session, presentation for October 2020, obtained by Business Metrics on Sunday, said he also expected inflation to further rise to 15 per cent in October, adding that inflation in 2020 could rise beyond the Central Bank of Nigeria’s (CBN)…

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Goods, Services Consumed By Nigerians Cost More As July Inflation Hits 12.82%

December inflation Border reopening

Spikes 0.26% higher than June 2020 rate The consumer price index, (CPI) which measures inflation increased by 12.82 per cent (year-on-year) in July 2020. Also, this is 0.26 per cent points higher than the rate of 12.56 per cent recorded in June and the increase in the June was driven by rising prices across the Classification of Individual Consumption According to Purpose (COICOP). On month-on-month basis, the Headline index increased by 1.25 per cent in July 2020. This is 0.04 per cent rate higher than the rate recorded in June…

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NGSE Indicator Climbs Higher, Ahead Of June Inflation, MPC Meeting

By Ambrose Omordion Thursday’s trading on the Nigerian Stock Exchange NSE) was bullish extending the gaining momentum of the previous session on long and short-term money flow into the telecommunication, healthcare and financial services sectors. This was ahead of the 2020Q2 earnings reporting season that kicked off with United Capital and Union Home Real Estate Investment Trust releasing their half-year score-cards to the market. A snapshot of the report by Ucap for the period showed that it was impressive, with top and bottom lines growing by 37% and 16% respectively,…

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Rising inflation correlates with weak economy, CBN survey

December inflation Border reopening

Majority of Nigerian believe that further increase in prices of commodities and services in Nigeria will lead to the economy growing weaker This is the result of a survey conducted by the Central Bank of Nigeria (CBN). The statistics department of the CBN disclosed this in its ‘Q2 2020 Inflation Attitudes Survey Report’. The CBN said the survey was conducted from May 18 to 27, 2020, with a sample size of 2,070 households randomly selected from 207 enumeration areas across the country and a response rate of 97.9 per cent.…

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Headline Inflation to Increase to 12.55%, Monthly Inflation to Dip in June 2020

inflation

Analysis by FDC Our market survey points towards a 0.15% increase in the headline inflation to 12.55% in June from 12.40% in May. This will be the 10th consecutive monthly increase and the highest rate in over 2 years. The main inflation driver is the supply disruptions caused by the planting season and the partial lockdown of the economy. Its impact was exacerbated by the exchange rate adjustments and higher logistics cost. The currency has been devalued twice in the last four months. The resulting impact will be a spike…

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