Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso projects that the country’s inflation will drop to 21.4 per cent in 2024.
Naija News reports that Cardoso made the projection while delivering his keynote address at the macroeconomic forecast report for 2024 presented by the Nigerian Economic Summit Group.
He asserts that the government would combat inflation, which reached 28.9% in December, with the aid of inflation targeting. He hinted that lower rates might eventually impact businesses.
He said, “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4 per cent.”
“The outlook for decreasing inflation in 2024 will have a profound impact on businesses, providing a more predictable cost environment and potentially leading to lower policy rates, stimulating investment, fueling growth, and creating job opportunities.”
Meanwhile, the latest inflation report by the National Bureau of Statistics (NBS) revealed Nigeria’s headline inflation rose to 28.92 per cent in December from the 28.20 per cent recorded in November 2023.
The report, released by the statistics bureau , detailed that food inflation also rose to 33.93 per cent from the 32.84 per cent recorded in November 2023.
Naija News reports that the bureau further detailed that on a year on year basis, the country’s inflation rose by 7.58 per cent from the 21.34 per cent recorded in December 2022 to 28.92 per cent in December 2023.
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“In December 2023, the headline inflation rate increased to 28.92% relative to the November 2023 headline inflation rate, which was 28.20%. Looking at the movement, the December 2023 headline inflation rate showed an increase of 0.72% points when compared to the November 2023 headline inflation rate,” the report read.