Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Nigerian inflation eases in January ahead of GDP data release

    Nigerian inflation eases in January ahead of GDP data release

    February 15, 2022
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Lekki market Lagos

    Abuja — Nigeria’s annual inflation slowed by 0.03 percentage point to 15.60% in January, the statistics office said on Tuesday, ahead of the release of growth data next week.

    Inflation, which has been in double digits since 2016, was particularly high in December due to an surge in demand during the Christmas season, said Simon Harry, head of the National Bureau of Statistics.

    Nigeria imports many key goods and services. A dollar shortage has prompted the government to put restrictions on foreign exchange supplies at certain items, cutting supplies of goods and exerting pressure on prices.

    The West African country faces a fuel shortage that could stoke inflation as logistics and transport costs rise, analysts say. Nigeria depends almost entirely on imports to meet its domestic gasoline needs because it lacks refining capacity.

    Nigerian authorities have said persistent inflationary pressures are structural – linked to deficits and not solely to the money supply – and largely imported.

    Food price inflation, the major headline component, decreased by 0.24 percentage point in January to 17.13%. Core inflation, excluding prices of farm produce, was flat at 13.87%.

    Persistent double-digit inflation could pile pressure on the central bank to reconsider its dovish stance on interest rates, although economic growth is still fragile.

    Nigeria’s economy grew just over 4% on an annual basis in the third quarter, its fourth consecutive quarterly expansion, after a COVID-19-induced recession in 2020. However, the rate of growth slowed compared with the previous quarter.

    *Camillus Eboh & Chijioke Ohuocha; Editing: Andrew Heavens, Michael Urquhart & Kevin Liffey – Reuters

    Follow us on twitter

    Related News

    Afreximbank reaffirms financial resilience and transparency

    Kwairanga reiterates NGX’s commitment to deepening Nigeria’s capital market

    African Union agency says Fitch’s downgrade of Afreximbank is ‘flawed’

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    Oil up 1% at 7-week high on hopes of positive US-China trade talks

    June 10, 2025

    EU’s new Russia sanctions to target energy sector and banks

    June 10, 2025

    ADNOC Gas takes FID and awards $5b contracts for RGD project

    June 10, 2025

    ‘Nigeria’s $5bn oil-backed loan from Aramco delayed by oil price drop’

    June 10, 2025

    Shipping firms dodge $900m cost, as Nigeria hit by empty container glut

    June 10, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.