James Emejo in Abuja
As the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) commences its 286th meeting on Monday, the sustained inflationary pressure remains a major challenge for the apex bank.
The Consumer Price Index (CPI), which measures the rate of change in prices of goods and services, maintained its upward trajectory to 18.60 per cent year-on-year in June, compared to 17.75 per cent in the corresponding month of 2021, the National Bureau of Statistics (NBS).
This is the highest rate of change in prices recorded since January 2017 month-on-month, the headline inflation rate also strengthened to 1.82 per cent in June and 1.78 per cent in May.
The composite food index, on annual basis, rose to 20.60 per cent in June, representing a decline of 1.23 per cent compared to 21.83 per cent in June 2021.
The rising inflation poses a significant challenge to the central bank in particular which had hoped to contain the index within the…
Source: Thisday Newspaper
