Nigeria’s central bank sets rate meeting amid 27 year-high inflation

Points clés à retenir

Experts commenting on inflation figures anticipate potential interest rate hikes at the upcoming meetings to curb rising inflationary pressures in the country. In December, Nigerian consumer prices experienced the fastest annual increase in almost three decades, primarily driven by the cessation of fuel subsidies, which led to higher transport costs, and a weakened naira. The inflation rate reached 28.9% compared to the same month in the previous year, slightly higher than the 28.2% recorded in November, as reported by the National Bureau of Statistics on Monday. Additionally, prices rose by 2.3% during the month. This surge in inflation highlights the challenges facing Nigeria's economy, particularly in terms of rising costs and currency depreciation.