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Nigerian Annual Inflation Decelerates Ahead of Election
LAGOS (Capital Markets in Africa) – Nigerian inflation decelerated in January ahead of the nation’s Feb. 16 general election.
The annual inflation rate in Africa’s largest oil producer dropped to 11.37 percent, from 11.44 percent in December, the Abuja-based National Bureau of Statistics said in a report on its website Friday. Prices rose 0.7 percent in the month.
Key Insights:
- Annual growth in food prices slowed to 13.5 percent from 13.6 percent in December.
- Spending before the nation’s general election on Saturday helped stoke inflation, which reached a seven-month high in December.
- Price risks could remain elevated even after the vote due to the expected deregulation of the fuel sector and a 66 percent increase in the national minimum wage.
- Central Bank of Nigeria Governor Godwin Emefiele sees the rate remaining above the 9 percent upper end of the regulator’s target in the first half of the year before moderating.
- To tame price risks, the Monetary Policy Committee voted to hold its key rate at a record 14 percent at its last meeting. MPC members are expected to meet later next month and maintain a tight monetary stance to help push inflation closer to the bank’s target.
Source: Bloomberg Business News