CARDOSO: INFLATION WILL DECLINE IN 2024

Babatunji Wusu –

Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), predicts that by 2024, the nation’s inflation rate will have decreased to 21.4%.

Cardoso made the prediction during his keynote speech at the Nigerian Economic Summit Group’s macroeconomic forecast report for 2024.

He claims that inflation targeting would help the government fight inflation, which hit 28.9% in December. He made a suggestion that rates would eventually affect companies.

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.”

According to the National Bureau of Statistics’ (NBS) most recent data on inflation, Nigeria’s headline inflation increased from 28.20 percent in November 2023 to 28.92 percent in December.

The statistics bureau’s study revealed that food inflation increased to 33.93 percent in November 2023, up from 32.84 percent the previous month.

The bureau went on to say that the nation’s inflation increased by 7.58% year over year, from 21.34 percent in December 2022 to 28.92 percent in December 2023.

“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.