Nigeria's Consumer Price Index fell to 9 per cent in January from 12 per cent in December last year. Data released by the National Bureau of Statistics (NBS), showed a decline in the food price sub-index, which fell to 10.1 from 10.2 per cent in the period under review.
(http://www.channelstv.com/home/wp-content/uploads/2012/04/Food-market-300x201.jpg) (http://www.channelstv.com/home/wp-content/uploads/2012/04/Food-market.jpeg)This is the second consecutive month of a decline in prices since September 2012, owing to floods and other market forces.
The bureau also expects the economy to expand 6.8 per cent this year while inflation is forecast to average 9.8 per cent this year.
Economists are forecasting a 7.3 per cent growth in 2014, 6.9 per cent in 2015 and 6.6 per cent in 2016.
Meanwhile, this is coming as the World Bank foresees Nigeria's inflation rate easing to single digit this year and credit expansion to the private sector especially with banks' recovery.
The bank said inflation may be tamed this year especially if the possibility of flooding is reduced and the price of food drops.
Throughout 2012, the country's consumer inflation remained in double digits owing to increase in fuel prices, global food prices and the floods which affected crops.
They expect a boost in economic activities and credit expansion to the private sector.
Via: ChannelsTV