Analysts see inflation at 15.74% in Dec, 12.42% in 2018 if economic blueprint is implemented

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Analysts forecasts inflation to be at 15.74 percent at year-end and 12.42 percent in 2018, which if achieved, could alleviate widespread frustration with living costs.

Last week the government unveiled sweeping economic recovery plans, including measures to reduce its dependence on oil and to relax foreign exchange restrictions, in a drive to pull Africa’s top oil producer out of its first recession in 25 years.

Nigeria’s inflation rate bucked the trend in February to fall to 17.78 percent, its lowest level in 15 months, driven by a slower rise in general price levels, the National Bureau of Statistics said on Tuesday.

Inflation had risen to 18.72 percent in January, its 12th monthly rise and its highest level in more than 11 years, as Africa’s biggest economy grapples with an economic recession, a currency crisis and dollar shortages, brought on by low oil prices, its mainstay.

The central bank, under pressure to narrow the gap between the official and black market rates, has devalued the naira for consumers, offering to sell them dollars at about half the premium the black market charges.

It has also increased dollar sales in recent weeks to importers to try to boost the naira. Nigeria has limited manufacturing capacity and depends on imports for local consumption.

A separate food index showed inflation at 18.53 percent from 17.82 percent in January, the statistics office said in a report, pushed up by the rise in food staples such as bread, cereal and meat, while drink prices slowed.

 

 

 

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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