Inflation Expected to Drop in 2024 -CBN Governor

In the face of escalating prices for essential items, including food, the Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has provided assurance to the citizens that the country’s inflation rate is expected to decrease.

For 11 months straight, Nigeria has experienced a continuous increase in inflation, hitting a new peak in December 2023 as reported by the National Bureau of Statistics, NBS.

According to NBS, Nigeria has witnessed a persistent rise in inflation for 11 consecutive months, reaching a fresh high in December 2023.

In December, the annual inflation rate surged to 28.92%, up from 28.20% in November. This indicates a 0.72% points increase in the headline inflation rate compared to November 2023.

But briefing lawmakers at the sectoral debate on the economy before the House of Representatives, the CBN governor specifically said inflation will reduce to 21%.

Giving an outlook for 2024, he said: “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflationary targeting policy aiming to rein in inflation to 21.4 per cent, aided by improved ‘agricultural productivity’ and easy global supply chain pressures.

“The Nigerian foreign exchange market is currently facing increased demand pressures, causing a continuous decrease in the value of naira.”

Agronigeria/Shakirat Sadiq