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Access Bank puts inflation rate at 18.5 per cent for Dec 2016

Thursday, 12 January 2017


Access Bank, one of the leading banks in Nigeria has put inflation rate at 18.5 per cent for the month of December, 2016 as National Bureau of Statistics (NBS) is scheduled to release the inflation figure for December 2016 on January 16 2017.

The Economic Intelligence Group forecasts inflation rate (year-on-year) to remain at 18.5 percent in December 2016, the same as in November 2016.

Access Bank says, “our methodology adopts an autoregressive analysis of past prices, while it recognizes all the assumptions used by the National Bureau of Statistics (NBS) in its computation of monthly composite consumer price index (CCPI).”

The Banks said that the moderate easing of pressures on the parallel FX market in December following the central bank’s special interventions in late November and early December contributed to the stability seen in the price index in December.

It added that price movements for major commodity groups in the food basket remained unchanged, while the slight price increases in some commodities were offset by downward price adjustments in others.

The Bank noted that food commodities recorded mixed price changes due to combined effects of increased supply of certain domestically produced food items and increased demand generated during the festive season.
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