THE country’s headline inflation has soared to 33.88 percent in October 2024. At the same time, food inflation increased to 39.16 per cent, confirming a surge in the prices of food items.
The increase in Nigeria’s inflation comes amid the Central Bank of Nigeria’s monetary policy interventions.
The apex bank, led by Olayemi Cardoso, consistently had a hike in interest rates with rising inflation as justification. The latest hike was in November, when the CBN 297th Monetary Policy Committee decided to raise the country’s interest rate to 27.50 percent from 27.25 percent.
Despite CBN’s monetary interventions, the prices of goods and services have remained elevated, impacting the cost of living for Nigerians.
