The latest inflation report from the National Bureau of Statistics (NBS) shows that the year-on-year inflation rate in Nigeria rose to 11.37 percent in April 2019, against the 11.25 percent rate recorded in March 2019, up by 0.12 percent. This is the highest rate since January. The rise in April’s inflation was propelled by a sharp increase in food prices and other items, with the highest increase recorded in the prices of medical services, dental services, tobacco, vehicle spare parts, major household appliances, etc.
According to the data released by the NBS, the food price index shows inflation at 13.70 percent in April compared with 13.45 percent recorded in March. Part of the report reads, “On a month-on-month basis, the food sub-index increased by 1.14 percent in April 2019, up by 0.26 percent points from 0.88 percent recorded in March 2019. The average annual rate of change of the Food sub-index for the twelve-month period ending April 2019 over the previous twelve-month average was 13.34, 0.08 percent points from the average annual rate of change recorded in March 2019 (13.42).”
The rise in the food index was caused by increases in prices of meat, fish, oils and fats, bread and cereals, milk, cheese and egg, potatoes, yam, and other tubers, fruits, and vegetables. The index for core inflation (all items less farm produce) during the month of April dropped to 9.3 percent, down by 0.2percent when compared with 9.5 percent recorded in March. On a month-on-month basis, the core sub-index increased by 0.70 percent in April, up by 0.17 percent when compared with 0.53 percent recorded the prior month. Read more here.
Below is the Ventures Africa Weekly Economic Index, for the week ending 17th of May, 2019. This economic index gives you a glimpse into other recent activities in Nigeria’s economy as well as changes and prices that could affect the economy:
Nigerian Stock Exchange
Data released by the Nigerian Stock Exchange (NSE), as of 17th May 2019, showed that the All-Share Index depreciated by 0.08 percent from the previous week ending 10th of May 2019. Market capitalization at the close of trading during the week under review was N12.717 trillion, a 17.29 percent increase from N10.842 trillion recorded the previous week. The All Share-Index for the week under review closed at 28,871.93
Top five price gainers and decliners in the week under review:
Top five price gainers
Thomas Wyatt Nig. Plc.
Neimeth International Pharmaceuticals Plc.
A.G. Leventis Nigeria Plc.
Transnational Corporation of Nigeria Plc.
NPF Microfinance Bank Plc.
Top five price decliners
Regency Assurance Plc.
Forte Oil Plc.
Champion Brew. Plc.
FCMB Group Plc.
Wema Bank Plc.
How did the Naira fare?
The Naira’s value remained the same against the dollar as it ended at N359 Naira to a dollar on the 17th of May 2019, the same value it had recorded a week before.
How did the price of oil fare?
Brent oil prices closed out the week on the 17th of May 2019 at $74.93 per barrel, up from $72 per barrel recorded last week. The rise in oil prices has been attributed to different factors: the attack on Saudi oil vessels last week, the escalation of tensions between the US and major oil-producer Iran, and the effects of US sanctions on another oil producer in Venezuela. There are fears that these crises could lead to oil prices climbing to pre-2014 levels.