January 2024 Inflation – Inflation nudges closer to 30%, hits new 27-year high

Analyst: Ibukun Omoyeni* i.omoyeni@vetiva.com Headline inflation rose by +98bps to 29.90% y/y in January, representing a 13bps deviation from our in-house estimate (Vetiva: 30.03% y/y) and a 40bps print above Bloomberg consensus’ estimate of 29.5%. We attribute the increase to the lingering effects of past reforms and more importantly, the security challenges in food-producing states….