The World Bank announced on Monday its projection that Nigeria’s inflation rate is set to decrease to 24.8 percent year-on-year (YoY) by 2024.

This forecast follows recent data released by the National Bureau of Statistics (NBS), which reported a current inflation rate of 31.7 percent in February, up from 29.9 percent in January.The World Bank’s report also reaffirmed its outlook for Nigeria’s economic growth, estimating a growth rate of 3.3 percent for the country in 2024.

However, the Bank revised its projections for the years 2025 to 2026, reducing the forecast by 0.1 percentage points to 3.6 percent from the previous January projection of 3.7 percent.

According to the World Bank, food inflation and the depreciation of domestic currencies continue to be significant factors driving inflation across countries in the Sub-Saharan Africa region.