Nigeria’s inflation, food price hikes will decline from July – Rewane

The Chief Executive Officer of Financial Derivatives, Bismarck Rewane has predicted that Nigeria’s inflation and food price hikes will decline from July to August 2024.

Rewane disclosed this on Thursday during an interview with Channels Television.

His forecast comes as Nigeria’s headline and food inflation increased for the 17th time in May to 33.95 percent and 40.66 respectively.

He, however, noted that Nigeria’s inflation which has continued to surge since December 2022, will cool off in the coming months.

According to him, there will be light at the end of the tunnel for Nigeria’s economy.

He said inflation moderation will set in as the Central Bank of Nigeria aggressively manages money supply growth and efficient management of crude oil revenue.

The National Bureau of Statistics inflation data was released last week Saturday. The picture is that the rate of increase in price level has begun to slow. Hence we are projecting that information will begin to decline from July to August. There is a flicker of light at the end of the tunnel

“Give or take depending on how the Minimum wage is handled, there will decline in Inflation from July to August, not drastically though. Don’t forget it has been the 17th consecutive month of inflation.

“Given out take depending on. how the Minimum wage is handled, there will decline in Inflation from July to August, not drastically though.

“How will it happen, of course, the Central Bank of Nigeria has to continue to get a code of money supply growth. If that happens aggressively and we begin to see the management of oil revenue much more efficiently, we will improve inflation.

“Generally speaking, the dark days are coming to an end and few bright lights will start coming as we go into the end of the year”, he said.