{"id":106454,"date":"2023-07-26T16:22:59","date_gmt":"2023-07-26T15:22:59","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=106454"},"modified":"2023-07-26T16:22:59","modified_gmt":"2023-07-26T15:22:59","slug":"inflation-rise-in-nigeria-caused-by-fuel-subsidy-removal-says-central-bank","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/inflation-rise-in-nigeria-caused-by-fuel-subsidy-removal-says-central-bank\/","title":{"rendered":"Inflation Rise In Nigeria Caused By Fuel Subsidy Removal , Says Central Bank"},"content":{"rendered":"<div dir=\"auto\">The Central Bank of Nigeria (CBN) has said that fuel subsidy removal (deregulation of petrol price) and other factors including the transition to a unified and market-determined exchange rate will sustain rise in inflation in Nigeria.<\/p>\n<p>This was contained in a communique issued by the apex bank\u2019s Monetary Policy Committee (MPC) after its 2023 meeting held between Monday and Tuesday.<\/p>\n<p>The National Bureau of Statistics (NBS) in its June report stated that Nigeria\u2019s headline inflation rose from 22.41 percent recorded in May to 22.79 percent in June.<\/p>\n<p>The CBN\u2019s Monetary Policy Committee noted that the steady rise in the country\u2019s inflation \u201cwas driven by the moderate increases to both food and core components. Legacy headwinds, including security challenges in major food-producing areas; high cost of transportation driven by the rising cost of energy; and inadequacies in public infrastructure, continue to drive the rise in food and core inflation.\u201d<\/p>\n<p>The Committee stated, \u201cKey developments that would likely sustain upward pressure on domestic prices, in the short to medium term, are the recent deregulation of petrol price (fuel subsidy removal) and the transition to a unified and market-determined exchange rate.\u201d<\/p>\n<p>According to the apex bank, \u201cThe unfolding dynamics in the policy environment and the resultant pass-through to domestic prices would thus require greater collaboration between the Bank and the fiscal authority.&#8221;<\/p><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) has said that fuel subsidy removal (deregulation of petrol price) and other factors including the transition to a unified and market-determined exchange rate will&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":67910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-106454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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