Despite the surging inflation in the country, the Central Bank of Nigeria has predicted a fall in inflation by the end of the year. This was stated in its macroeconomic outlook for 2024.
The apex bank stated that inflation will drop to 21.40 percent by the end of the year within a range of 19.84 and 25.35 percent, from 28.92 percent in December 2023.
Food inflation was at 40.87% while general inflation had hit 34% in June 2024.
Olayemi Cardoso, Central Bank of Nigeria (CBN) governor, stated that the apex bank plans to widen its monetary policy tightening stance to tame persistent inflation.
“Core inflation is expected to moderate in 2024 due to sustained restrictive monetary policy stance. The recent adoption of the inflation-targeting lite framework will anchor inflation expectations in 2024, in addition to the favorable effect of moderating global inflationary pressures,” the report said.
Nigerians have continued to lament the pain of survival while government policies have failed to cushion the effects of the growing inflation.
Different promises of the government in the past have failed to bring down inflation rate.