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Uptrend Continues

Yesterday, according to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), the Headline inflation for January 2024 increased by 98bps, reaching 29.90% Year-on-Year (YoY) compared to the 28.92% YoY recorded in December 2023. The sustained elevation in headline inflation is attributed to increases in the two major sub-components: Food inflation rose by 148bps to 35.41% YoY, and Core inflation increased by 52bps to 23.59% YoY. On a Month-on-Month (MoM) basis, Headline inflation experienced a 35bps jump, reaching 2.64% MoM as opposed to 2.29% MoM in December 2023. This surge is also propelled by increases in both Food inflation (+49bps to 3.21% MoM) and Core inflation (+40bps to 2.24% MoM).

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