Nigeria inflation rate get worse by the day
Nigeria's inflation rate defied monetary tightening and reached 19.64 percent in July, the highest it had been in more than 15 months.
The Consumer Price Index (CPI) for July 2022 was announced yesterday in Abuja by Prince Semiu Adeniran, Statistician-General of the Federation and Chief Executive Officer of the National Bureau of Statistics (NBS).
While some analysts maintain that the economy may still be experiencing the time lag necessary before the impact of tighter monetary policy is felt in slowing inflation, others caution that because the supply side variables fueling inflation are still in play, the future may be even darker.
The bench interest rate was raised by the Monetary Policy Committee (MPC) by 100 basis points to 14 percent last month, the highest level in recent memory. In order to control inflation, it had earlier broken a two-and-a-half-year curse by raising the MPR by the same amount. Even still, the rate of inflation keeps rising.