News
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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