Nigerian Inflation drops to 15.13 % in January

Feb 14, 2018, 18:08
Nigerian Inflation drops to 15.13 % in January

"There's no real outlier that suggests we're going to see a break one way or the other", said George Goncalves, head of fixed-income strategy at Nomura.

THE inflation rate unexpectedly remained steady at 3 per cent in January, keeping the pressure on the Bank of England to hike interest rates as early as May.

Paul Hollingsworth at Capital Economics said CPI inflation will gradually drift downwards over the course of 2018 as the impact of the post-referendum drop in the pound continues to fade.

Ben Brettell, a senior economist at Hargreaves Lansdown, said that inflation's had now been above target for 12 straight months.

'Inflation was unchanged in January, as a smaller rise in motor fuel prices helped to a keep a lid on overall United Kingdom price growth.

It means prices are still rising faster than wages, according to the latest data, and have been for a full 12 months.

However, some economists believe a rate rise in April or May is not a certainty because of recent surveys showing the economy's growth slowed at the beginning of the year, including the key services sector. ' However, figures pointing to sticky price growth may push Governor Mark Caney and Co.to prepare United Kingdom households and businesses for higher borrowing-costs as 't he Committee judges that, were the economy to evolve broadly in line with the February Inflation Report projections, monetary policy would need to be tightened somewhat earlier and by a somewhat greater extent over the forecast period than anticipated at the time of the November Report, in order to return inflation sustainably to the target.

"However, the cost of entry to attractions such as zoos and gardens fell more slowly", Mr Tucker noted.

Petrol prices rose by 1.1p per litre on the month to 121p per litre, while diesel rose 1p to 124.5p per litre. Headline CPI rose by 0.5% and core CPI (minus food and energy) by 0.3%. Against the euro, the pound was trading flat at €1.12.

Earlier this month, RBI kept interest rates unchanged and flagged risks to inflation from several factors, including the government missing the fiscal deficit target for 2017-18.

Similarly, indicating a revival in consumer demand, consumer durables grew 0.9 per cent compared to a decline of 5 per cent in December 2016.

While Sheets said he wouldn't raise his outlook for the path of inflation, the report "gives me increased confidence that we are in a place where inflation is likely to be gradually rising more or less in line with the Federal Reserve's forecast and consistent with an economy where we are seeing diminished slack, strengthening labor markets, solid growth".

Last week the Bank of England - which raised interest rates in November for the first time since 2007 from 0.25% to 0.5% - signalled that a further hike might come sooner rather than later.

Meanwhile, the Retail Prices Index (RPI) measure of inflation, which is no longer a national statistic but which is still used to calculate certain price changes, such as rail fares, fell from 4.1 per cent to 4 per cent in the year to January 2018.

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