APRIL 2019 CPI Update

According to the Nigeria Bureau of Statistics, the consumer price index (CPI) which measures inflation, increased by 11.37% (year-on-year) in April 2019 which is 0.12% points higher than the rate recorded in March 2019 (11.25%). Increases were recorded in all the classification of individual consumption by purpose (COICOP) divisions that yielded the Headline index. On month-on-month basis, the Headline index increased by 0.94% in April 2019, this is 0.15% higher than the rate recorded in March 2019 (0.73%). The percentage change in the average composite CPI for the twelve months period ending April 2019 over the average of the CPI for the previous twelve months period was 11.31%, showing 0.09% point from 11.40% recorded in the previous month

Source: PearlMutual Analytics

Inflation Outlook for Nigeria

The inflation rate in Nigeria has shown a steady decrease since January 2019 until this increase in April. With the reappointment of Emefele as CBN Governor, we expect that the Nigeria economy will  continue the part of improvement slowly as a result reduction of interest rate from 14.0% to 13.5% amongst other policies. However, In the short-term, inflation rate may rise slightly

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Minty Flavours

Turkish

The Turkish annual inflation rate fell to 19.50% in April 2019 from 19.71% in the previous month and below market expectations of 19.57%. This is the lowest inflation rate since August last year, as prices slowed mostly for housing & utilities and transport. However, cost continued to rise for food. Inflation Rate in Turkey averaged 34.93%.

Mexico

The annual inflation rate in Mexico increased to 4.4% in April 2019 from 4.0% in March, matching market expectations. It is the highest inflation rate since January, mainly due to rising prices over Easter linked to travel and tourism. Also, food, beverages & tobacco and agricultural goods were much more expensive

Indonesia

Indonesia’s annual inflation rate increased to a four-month high of 2.83% in April 2019 from 2.48% in the previous month and above market expectations of 2.69%. Upward pressure came from: foodstuff (2.29%vs 0.56 in March); transportation, communication & financial services (3.22%vs 3.13%); and health (3.13% vs 3.11%).

 

Source: PearlMutual Analytics

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