Governor Cardoso on the Causes of High Food Inflation
In a recent statement, Olayemi Cardoso, the Governor of the Central Bank of Nigeria, pointed out that the government's significant purchases of food items for distribution as palliatives to the vulnerable population have been a contributing factor to the rapid increase in food inflation.
Cardoso's remarks were part of his input during the March meeting of the Monetary Policy Committee, as published on the CBN website earlier this week.
During the meeting, the MPC announced an increase in the benchmark interest rate to 24.75 percent from 22.75 percent, with the aim of addressing the inflationary pressures.
The latest Consumer Price Index report from the Nigerian Bureau of Statistics (NBS) revealed that the inflation rate in the country rose to 33.2 percent in March. Food inflation, in ...