Home Economy “The country’s inflation rate will drop to single-digit next year”- CBN

“The country’s inflation rate will drop to single-digit next year”- CBN

by Jibson
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According to report reaching oyogist.com, Central Bank of Nigeria has said it sees the country’s inflation rate dropping to single digit next year, with the full implementation of its recent policies designed to boost different sectors of the economy.

The Director of Monetary Policy Department, CBN, Dr Hassan Mahmud, said this on Friday at the virtual mid-year economic review and outlook 2021, which was organised by the Chartered Institute of Bankers of Nigeria’s Centre for Financial Studies and B. Adedipe Associates.

The country’s inflation rate fell slightly from 17.93 percent in May to 17.75 percent in June, according to the National Bureau of Statistics.

Mahmud said since the economy recovered from recession in the last quarter of 2020, it had maintained a path of recovery despite certain challenges triggered by the COVID-19 pandemic and insecurity.

Mahmud said, “Also if the CBN forecasts for GDP growth are sustained and there is improved vaccination and the health hazards and lockdowns are not resurfacing, we will see GDP getting close to three percent by the end of 2021.

“We will also see the inflation number coming down less than 13 percent by the end of the year and further down to the NBS projection of single-digit by 2022 or the middle of 2022.

“We will start seeing a downward trend in inflation numbers, particularly, headline inflation.”

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