Oct 17 (Lagos) - The latest inflation data from the National Bureau of Statistics did not surprise anybody when it disclosed that inflation in the country was 26.72% in September. This inflation number has been steadily rising for years and years yet, the CBN took no action to reduce it barring a few very delayed interest rate hikes.
Food inflation came in at 30.64% as global food supplies remained constraint by various geo-political issues around the world.
CBN's key benchmark lending rate remains sharply below the inflation rate. With the analysts expecting another interest rate hike in the US within the next 6 months, we should be expecting the same in Nigeria.
This inflation number is looking like horror story fit for a horror movie in October Halloween cinema but it is a reality in Africa's most populated Country.
reporting for easykobo.com on Monday, October 17 2023 from Lagos, Nigeria