The global recovery is set to decelerate markedly amid continued COVID-19 flare-ups, diminished policy support, and lingering supply bottlenecks. In contrast to that in advanced economies, output in emerging market and developing economies (EMDEs) will remain substantially below the pre-pandemic trend over the forecast horizon.
The December inflation report was released yesterday. Contrary to our projections (14.9%), headline inflation bucked its 8-month declining trend, rising by 0.23% to 15.63% from 15.4% in November 2021. This will partially address the recent controversy surrounding the contrarian direction of inflation in Nigeria