{"id":121602,"date":"2024-02-15T17:32:32","date_gmt":"2024-02-15T17:32:32","guid":{"rendered":"https:\/\/fdcng.com\/?p=121602"},"modified":"2024-02-15T17:32:32","modified_gmt":"2024-02-15T17:32:32","slug":"fdc-economic-splash-february-15-2024-re-nigerias-headline-inflation-climbs-towards-30-as-food-inflation-surges-to-35-41","status":"publish","type":"post","link":"https:\/\/fdcng.com\/fdc-economic-splash-february-15-2024-re-nigerias-headline-inflation-climbs-towards-30-as-food-inflation-surges-to-35-41\/","title":{"rendered":"FDC ECONOMIC SPLASH \u2013 FEBRUARY 15, 2024 [Re: Nigeria\u2019s headline inflation climbs towards 30% as food inflation surges to 35.41%]"},"content":{"rendered":"<p>[vc_row][vc_column]<div class=\"gem-button-container gem-button-position-inline\"><a class=\"gem-button gem-button-size-small gem-button-style-flat gem-button-text-weight-normal\" style=\"border-radius: 3px;background-color: #ddbd89;color: #ffffff;\" onmouseleave=\"this.style.backgroundColor='#ddbd89';this.style.color='#ffffff';\" onmouseenter=\"this.style.backgroundColor='#ddccaa';this.style.color='#000000';\" href=\"https:\/\/fdcng.com\/wp-content\/uploads\/2024\/02\/Post-Inflation-February-2024.pdf\" target=\"_blank\">DOWNLOAD PDF<\/a><\/div> [\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Dear Subscriber,<\/p>\n<p>The NBS published its official inflation numbers today. As forecast by FDC Think Tank, Nigeria&#8217;s headline inflation rate jumped to 29.90% from 28.20%. This rise is due to a combination of factors including a weaker naira, high diesel prices, cost of logistics, and the cross-elasticity effect on domestic commodities (substitutes). Also notable is the amplified Inflation expectations of consumers which have risen significantly compared to prior months.<\/p>\n<p>Food inflation surged by 1.48% to a record high of 35.41% especially the prices of cereals, yams, fruits, fish, meat, potatoes, vegetables, and eggs experiencing the largest price hikes. Core inflation rose by 0.52% to 23.59% from 23.07%. The highest price hikes were observed in the cost of transportation both by road and air.<\/p>\n<p><strong>MPR likely to raise policy rate by 200bps<\/strong><\/p>\n<p>The monetary policy meeting (MPC) is scheduled for February 26 and 27. In view of the foregoing, the MPC is expected to maintain its hawkish stance in a bid to rein inflationary pressure. Analysts posit the likelihood of MPC raising the policy rate by at least 200 basis points (bps) to 20.75%p.a. from the current rate of 18.75%p.a. \u00a0In the past, an increase in the policy rate has not affected the general rate but this time it may likely do.<\/p>\n<p>The FDC Think Tank analyzed the January inflation data and its implications for businesses and the economy in the download and link below.<\/p>\n<p>Enjoy your read![\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Dear Subscriber, The NBS published its official inflation numbers today. As forecast by FDC Think Tank, Nigeria&#8217;s headline inflation rate&#8230;<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,35],"tags":[],"_links":{"self":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/121602"}],"collection":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/comments?post=121602"}],"version-history":[{"count":1,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/121602\/revisions"}],"predecessor-version":[{"id":121603,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/posts\/121602\/revisions\/121603"}],"wp:attachment":[{"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/media?parent=121602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/categories?post=121602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fdcng.com\/wp-json\/wp\/v2\/tags?post=121602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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