Nigeria inflation rises in Jan, food prices stable

 Nigeria's inflation rate rose for the second consecutive month to 8.2 percent in January, up from 8 percent the previous month despite a sharp fall in the naira currency.

The National Bureau of Statistic said on Monday that 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 realized, although price pressure could still feed through later this year.

The NBS has said in its outlook for 2015, that it expected inflation this year to rise to 8.78 percent, up from an estimated 8.0 percent last year, driven by the devaluation of the naira.