Govt’s Huge Purchases For Palliatives Adding To Food Inflation

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has identified the huge purchases of food items by the government as palliatives for distribution to vulnerable citizens as a contributor to the galloping food inflation in the country.He disclosed this in his contributions during the March Monetary Policy Committee meeting, which was published on the CBN website on Monday.

But according to to the Consumer Price Index report released by the Nigerian Bureau of Statistics in April, the country’s inflation rate increased to 33.2 per cent in March.The food inflation rate also reached 40.01 per cent, with a year-on-year increase of 15.56 percentage points from 24.45 per cent in March 2023.

He said, “Despite notable stability in the foreign exchange market resulting from decisions taken at that 293rd MPC meeting, inflationary pressure remains unabated. While there is the argument that the significant tightening since the last MPC meeting is yet to fully permeate the system and yield its expected impact, the risk of galloping inflation persists.

“Further, new dimensions of inflationary pressure are emerging. First, ‘seller inflation’ arising from the oligopolistic structure of commodity markets, as noticed in the prices of local commodities, is gaining significance.

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