Emefiele: Nigeria’s rising inflation reflects global economic realities
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the steady increase in the country’s inflation rate is consistent with global trends.
Emefiele said this on Friday in Lagos at the 57th annual bankers’ dinner, organised by the Chartered Institute of Bankers of Nigeria (CIBN).
Emefiele said inflation soared to 20.77 percent in September, indicating eight consecutive months of uptick.
He explained that the upward momentum was after a successive period of decline in 2021 due to balanced monetary policy actions.
The CBN governor said the upside pressure on consumer inflation re-emerged during the year as global conditions complicated existing local imbalances to undermine price stability.
“Food remains the major component of domestic consumer price basket. The annualised uptick in headline inflation mirrors the 6.21 percentage points upsurge in food inflation to 23.34 percent in September,” NAN…