Nigeria’s inflation may deteriorate to 16.1% in 2022, IMF predicts

The International Monetary Fund says Nigeria’s Consumer Price Index may hit 16.1 percent in 2022.

This projection was presented in a tabular illustration in the IMF’s Regional Economic Outlook for Sub-Saharan Africa released last week, which was published on its website.

The 16.1 percent will be the highest in the country since October 2021 when it was 16.63 percent.

New figures from the National Bureau of Statistics showed that Nigeria’s Consumer Price Index rose to 15.92 percent in March.

This new rate is the highest the country has recorded since October 2021, when the inflation rate hit 15.99 percent.

The climb in the inflation rate in March shows that Nigeria is not left out in the global inflation surge.

The IMF however added that the inflation rate would drop to 13.1 percent by 2023.



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