Click to view our CPI report for the month of september.

1. ©PearlMutual Consulting Ltd 2016
September 2017 CPI Update
Tangible yields!!!
Nigeria’s consumer price index continued its
southwards trajectory for the eighth consecutive
time. It declined marginally by 3bps from 16.01%
in August to 15.98% in September (Y-o-Y). It is
the lowest figure recorded in the last 16 months.
According to National Bureau of Statistics,
increases were recorded in all Classification of
Individual Consumption by Purpose (COICOP)
division that yield the headline index.
This sustained reduction can be partially
attributed to the effect of tight liquidity in the
system, and widespread ease in commodity
prices, usually associated with early harvest.
Source: PearlMutual Analytics
Minty Flavors
In the month of August 2017, all MINT countries
but Turkey witnessed declines in inflation rate.
Turkey’s inflation rate rose for the fifth
consecutive time to 11.20% (+150bps) from 9.7%
in August attaining the highest CPI since May
2001. This has been attributed to increasing prices
of food, transport and clothing. On the other
hand, the headline index for Mexico fell to 6.35%
(-35bps). This is because of favorable base effect
on agricultural prices. Similarly, Indonesia’s
inflation rate fell marginally to 3.7% (-10bps) in
June. This decrease is caused by slow rise in
processed food, electricity and fuel.
MINT members are likely to experience
increasing pressures on general price levels
unless respective governments take appropriate
measures to reverse the trend.
Source: PearlMutual Analytics
Inflation Outlook for Nigeria
The MPC maintained the MPR for the seventh
consecutive time. We expect inflation rate to
decline partially due to a slight appreciation of
the naira and availability of forex in the market
during the period under review.
14.5
15
15.5
16
16.5
17
17.5
18
18.5
19
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Nigeria InflationTrend
0
2
4
6
8
10
12
14
16
18
20
MINTTREND
Mexico Indonesia Nigeria Turkey

2. This product focuses on the Nigerian Economy ©PearlMutual Consulting Ltd 2016
Analysts
Onwuelingo Anthony.T
Anthony.onwuelingo@pearlmutual.com
Sunday Udoh.
sunday.udoh @pearlmutual.com
Olufunmi Adepoju, CFA
olufunmi.adepoju@pearlmutual.com
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