Hard choices for monetary authority as inflation rises | The Guardian Nigeria News - Nigeria and World News

• Surging food prices push inflation to 15.63%, first increase after eight months of decline• Intra-party campaigns will increase pressure, says Owoh

The seeming return of a faster inflation rate comes about a week to the first meeting of the MPC in 2022. The meeting is scheduled for January 24 and 25, and it will see the committee members debate and vote for holding, reducing or increasing the going Monetary Policy Rate . According to the Consumer Price Index , December recorded 1.82 per cent month-on-month change to push the headline inflation to 15.63 per cent amid a surge in food prices.

Data by the NBS had claimed that the country’s inflation grew consistently at a slower rate from April to November, though the figure was strongly disputed by other stakeholders. NBS said the rise in the food sub-index was caused by increases in the price of bread and cereals, food product, meat, fish, potatoes, yam and other tubers, soft drinks and fruits.

AT a forum on economic outlook last week, Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, also bucked at the monthly CPI data, saying, “it is difficult to believe that inflation is slowing in Nigeria while it is otherwise in other economies.” Besides Rewane, a professor of applied economics, Owoh Godwin, and Vice Chairman of Highcap Securities Limited, David Adonri, had projected that the country would see faster inflation, anchoring their projections on impacts of political activities and currency impacts.

“Meanwhile, inflationary pressures remain a significant macroeconomic risk in the Nigerian economy. It is a major concern to both businesses and the citizens. Meanwhile, food inflation, which is the biggest worry for the poor, rose from 17.21 per cent in November to 17.37 per cent in December. But on a month-on-month basis, there was an increase of 2.19 per cent.

The marketeers are how problem, because I believe that yam, beans, plantains and garri, these farm products are not imported products in Nigeria.

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