INFLATION up more than 5% month over month!   

June 16 (Lagos) - Inflation in May 2022  rose to 17.71% from 16.82% in April, the highest level in 11 months according to data released by the National Bureau of Statistics (NBS). Food inflation rose to 19.5% in May 2022 from 18.37% in April 2022. 

The NBS tried to present a rosy picture by stating that inflation fell on a year to year basis by 0.02% but that was not going to work with us, because the picture is ugly and the CBN is clueless about what to do about inflation because their policies over the last 7 years have directly contributed to this inflation. 

The CBN finally increased its benchmark lending rate last month but it was not even enough to poke the inflation monster which continues to eat into consumer confidence through the erosion of their buying power. These numbers are so bad that CBN should explain what really is going on at the apex bank? Is the Governor interested in becoming President or does he care about inflation at all? 

We are never going to get any answers from this CBN leadership because we never got any in the last 7 years. All we got were ad-hoc decisions and policies that that defied any economic logic and this is where we are now. 20% food inflation (no its 19.5%) for a country the size of Nigeria with more than 220 million people. 

This is how economies of countries like Zimbabwe ruined themselves because they failed to put checks in place and take the necessary steps at the right time. We could be headed in that direction very soon and only hope is for next government to come in around mid 2023 shake up the CBN.

reporting for on Thursday, June 16 2022 from Lagos, Nigeria

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