- Nigeria’s inflation rate rose by 0.92 basis points to hit 20.52 per cent in August from 19.6 per cent in July, the highest since October 2005.Inflation has been rising steadily since February.
Nigeria’s inflation rate rose by 0.92 basis points to hit 20.52 per cent in August from 19.6 per cent in July, the highest since October 2005.The inflation has been rising steadily since February. Food inflation also rose to 23.12 per cent in August 2022, representing a 1.1 percentage-point increase compared to 22.02 per cent recorded in the previous month.
Foreign exchange scarcity and exchange rate mismanagement, insecurity, crude oil theft and inability to meet OPEC production quota; high cost of raw materials; infrastructure deficit; high cost of capital are cited as some of the challenges faced by the Nigerian economy
The National Bureau of Statistics (NBS) said in its latest CPI report, that the major factors driving the inflationary pressure were supply disruptions and the rising cost of production. The recent monetary policy tightening stance of the Central Bank of Nigeria alone, it said may not help to control inflation. It urged the government to formulate and implement complementary fiscal policies aimed at boosting food supply as well as reducing the cost of production.
Observers are of the view that the Government is not addressing the key triggers of inflation such as continuing fall of the currency, rising transportation costs, high import duty on manufacturing inputs, and so on. Economic experts are hopeful that the harvest in the coming months and the slowdown in the rise of the global wheat prices will push down food prices.
Also read;
https://trendsnafrica.com/nigerias-inflation-rate-highest-since-september-2005/
https://trendsnafrica.com/fuel-shortages-pumps-up-inflation-in-nigeria/
