Rising inflation tests CBN’s MPR transmission belt

will be confronting the Central Bank of Nigeria’s Monetary Policy Committee as it meets next week. will be confronting the Central Bank of Nigeria’s Monetary Policy Committee as it meets next week.

Indeed, the report said the average annual rate of food inflation for the 12 months ending February 2024 over the previous 12-month average was 30.07 per cent, which was a 7.95 per cent point increase. The CBN has historically used the policy rate or the benchmark interest rate to influence borrowing and lending rates in the economy. By adjusting the MPR, the CBN can control the cost of credit and influence consumer spending and investment levels, which in turn can impact inflationary pressures.

He charged the fiscal authorities to complement the MPC by raising food output and reducing Nigeria’s exposure to nine items that form its energy basket. While he does not see any improvement in the prices of food as a result of 2.15 million bags of fertilizer donated to Nigerian farmers through the Ministry of Agriculture, Mohammed thinks that the ravaging insecurity and the rising costs of transportation courtesy of the removal of petrol subsidy are responsible for the continued rise in prices.

He expressed optimism that addressing food prices and arresting the continued slide of the naira are vital to taming inflation. A public analyst, Lekan Oladele insisted that the inflation figure was expected considering recent happenings in the economy. The Nigeria Customs Service , Tin-Can Island Command has intercepted 11 Rifles, six pistols and ammunition alongside banned drugs in different containers at the Tin-Can Island Port.

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