Thursday, November 17, 2016 3.20 pm / TheAnalyst
The unimpressive pattern in Nigeria’s inflation figures continues to reflect ineffectiveness of the monetary policy decisions by the CBN. The monetary policy of the CBN in recent times has been largely aimed at curbing inflation growth, which remained resilient.
Inflation figure moved up to 18.3% for the month of October 2016 from 17.9% recorded in the previous of September. The rate maintained strong northward trend, with a year-start of 9.60% to stand at 18.3% for the month of October- this suggests an average of 14.2% inflation rate so far in the year.
As trend analysis indicates, the growth in Inflation seems to have defied the monetary policy measures taken by the CBN in the last four (4) MPC meetings in particularly, which were taken at the expense of economic growth.
We believe it is time for the CBN to have a change of mind towards tightening measures as a means of curbing inflation in a recessionary environment.
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14. CBN Communique No. 96 of the Monetary Policy ... - Proshare – Jul 22, 2014
Personal Statements of MPC Members
Consumer Price Index
24. Nigeria's Consumer Price Index Rises to 18.3% in October 2016
25. CPI Rises to 18.3% in October, 0.48% Higher Than 17.9% September Rate
26. CPI Rises to 17.9% in September, 0.24% Higher Than 17.6% August Rate
27. CPI Rises to 17.1% in July, 0.6% Higher Than 16.5% June Rate
28. CPI Rises to 16.5% in June, 0.9% Higher Than 15.6% May Rate
29. CPI Rises to 15.6% in May, 1.9% Higher Than 13.7% April Rate
30. CPI Rises to 13.7% in April; 0.9% points Higher Than 12.8% March Rate
CPI Rises to 12.8% in March; 1.4% Higher Than February Rate
32. Nigeria’s Inflation Rate Rises to Double Digit; Increases by 11.4% YoY in February 2016
33. CPI Remains Unchanged at 9.6% in Jan'16; Food & Non-Alcoholic Beverages Increase at a Faster Pace