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%.