The International Monetary Fund, IMF, has advised Nigeria and other countries to make clear policy decisions for price stability amid rising inflationary pressures.

The Bretton Wood institution said Nigeria’s inflation rate would moderate to 19 percent this year and drop to 17 percent in 2023, reflecting on the monetary policy actions of the Central Bank of Nigeria, CBN.

The institution said this at its headquarters in Washington while unveiling the October 2022 Global Financial Stability report.

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The IMF said central banks need to act resolutely to bring inflation back to target and avoid a de-anchoring of inflation expectations, which would damage their credibility.

It added that the global economic outlook had deteriorated materially since the April 2022 Global Financial Stability Report.