•Inflation rises to 13.22%
By James Emejo in Abuja and Nume Ekeghe
Analysts yesterday advised the federal government to subsidise food production in the short term and ameliorate the pressure on the foreign exchange (FX) as inflation sustained its upward trajectory to 13.22 per cent in August from 12.82 per cent in the preceding month.
The analysts noted that the current inflationary pressures were mainly cost-push due to scarcity of FX, increases in food, petrol and electricity prices as well as the general effects of the lockdown of the economy to curtail the spread of the COVID-19 pandemic.
They said the way forward to curb inflation was for the government to tackle insecurity so that farmers could return to their farms, adding that a deliberate policy was also required to promote large-scale mechanised agriculture.
The Consumer Price Index, (CPI) which measures inflation increased by 13.22 per cent (year-on-year) in August compared to…
Source: Thisday Newspaper