According to the National Bureau of Statistics on Monday, Nigeria’s inflation rate rose for the second consecutive month to 8.2 percent in January, up from 8 percent in December.
However, food inflation was flat at 9.2 percent in January, unchanged from December. Food prices account for bulk of the inflation basket.
The central bank devalued the naira by 8 percent in November, with many analysts fearing the downward pressure on currency in a country that imports almost 80 percent of what it consumes could stoke inflationary pressures.
The latest figures suggest those fears have not yet been realised, although price pressure could still feed through later this year.