The National Bureau of Statistics (NBS) has disclosed that Nigeria’s yearly inflation rate dipped by 0.03 per cent points to 15.70 per cent in January 2022.
The announcement is coming ahead of the release of the country’s Gross Domestic Product (GDP) data, which is due for release next week.
The statement added that inflation, which has been in double digits since 2016 was particularly high during December due to surge in demand during the Yuletide season.
Simon Harry, Head of the NBS said the huge demand for goods and services led to the level of inflation in the month under review.
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He said Nigeria imports goods and services for its over 200 million populations, adding: “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. Nigeria currently faces fuel shortage that could stoke inflation as logistics and transport costs rise.
It would be recalled that Nigeria depends almost entirely on imports to meet its domestic petrol the country needs as the country lacks refining capacity.
