Nigeria recorded a drastic reduction in inflation rate for January as the Consumer Price Index increased 9% in January year on year. This compared to the 12% in December 2012 is a massive 300 basis point (3%) drop. Core Inflation also saw a drop rising 11.3% year on year compared to 13.7% in December 2012. Food Price Inflation also dropped to 10.1% when compared to 10.2% in December 2012.
With this impressive stats, one expects the CBN to cut MPR to about 11% from the current rate of 12%.
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What is the current bank lending rate to loan seekers and also the interbank lending rates. Of what effect does it have to the current inflation percentage?
If this is sustained in the coming months then bank lending rates should drop