Analyst: Ibukun Omoyeni*i.omoyeni@vetiva.com In the third meeting of the year, the Cardoso-led Monetary Policy Committee (MPC) raised the Monetary Policy Rate by 150bps to 26.25%, leaving other rates constant. In line with the Governor’s guidance at the 2023 Banker’s Committee dinner, the apex bank has delivered a cumulative 750bps hike in H1’24, in a bid...
Analyst: Moshood Salaudeen* m.salaudeen@vetiva.com Inflation eases in top SSA economies, as food prices decline In April 2024, 8 out of the top 10 SSA economies experienced a decline in their headline inflation rate. We highlight that this moderation was driven by a fall in the prices of food across these economies. The average inflation rate...
Analyst: Moshood Salaudeen* m.salaudeen@vetiva.com Inflation remains elevated in top SSA economies In February, headline inflation moderated in 5 out of the top 10 economies in Africa, compared to 4 in January. Notable declines were recorded in Morocco (-2.0ppts), Ethiopia (-1.2ppts), Kenya (-0.6ppts), and Ghana (-0.3ppts). The largest upticks were observed in Egypt (+5.9ppts), Angola (+2.1ppts),...
Ibukun Omoyeni* i.omoyeni@vetiva.com In the second meeting of the year, the Cardoso-led Monetary Policy Committee (MPC) raised the Monetary Policy Rate by 200bps to 24.75% and adjusted the asymmetric corridor around the MPR to +100/-300bps. While the Cash Reserve Ratio (CRR) for commercial banks was left unchanged at 45%, the Committee raised the CRR of...
Analyst: Ibukun Omoyeni i.omoyeni@vetiva.com The Nigerian Bureau of Statistics (NBS) recently introduced a valuable tool for understanding Nigerians’ access to healthy food, the Cost of Healthy Diet (CoHD) Index. This index sheds light on the affordability of a nutritious diet, offering insights beyond traditional inflation measures. The CoHD reflects the least expensive combination of locally...
Analyst: Ibukun Omoyeni*i.omoyeni@vetiva.com Inflation nudges to 31.7%, a new 27-year high Headline inflation rose by +180bps to 31.70% y/y in February (January: 29.90% y/y). This outturn is a 40bps print above Bloomberg consensus’ estimate of 31.30% y/y (Vetiva: 31.12% y/y). We attribute the surge to sustained security challenges in food producing states. On a monthly...