over the impact the rising insecurity in the country could have on prices, particularly, on agricultural products.
While the declining inflation was welcomed by members of the MPC, they were concerned that the rising insecurity in the country could further push up prices. This was evident in the personal statements of the MPC members made available by the CBN. Adenikinju explained that “the security situation in the country is hurting economic recovery, while at the same time poverty and unemployment also contribute to the worsening security challenge we have. As we enter another planting season, the effect of climate change may have negative impact on food prices in later part of the year.”
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