Analysts See Inflation Easing To 21.34% As Harvest Season Begins

Financial analysts from the Financial Derivatives Company (FDC) predict that inflation in Nigeria will ease to 21.34% in July as the harvest season begins. The National Bureau of Statistics (NBS) is set to release the Consumer Price Index (CPI) figures on Friday.

The projected tapering of inflation is attributed to the commencement of the harvest season, which is expected to moderate the rise in prices of goods and services. The FDC analysts anticipate a decline in commodity prices in the coming months, with essential items like tomatoes, yams, onions, and others already showing a decrease.

Despite some stability in the exchange rate and retail prices, risks such as security challenges and falling oil prices could impact the inflation projection in the future.