Kindly Share This Story:By Victor Ahiuma-Young ECONOMY Nigeria Employers Consultative Association, NECA, has decried increasing inflation rate in the country, contending that the recent developments in 2020 suggests that the policy options provided by the Central Bank of Nigeria, CBN, in taming inflation need critical review. Director General of NECA, Dr Timothy Olawale, in a statement yesterday, among others, said “The rising trend of inflation rate in the past 10 months calls for concern. The rise from 13.71% in September, 2020 to 14.23% in October, 2020 suggests that the policy options provided by the Central Bank of Nigeria (CBN) in taming the gory head of inflation need critical review. READ ALSO:Wike approves reopening of nursery, primary schools in Rivers “It is instructive to note that the persistent increase in food prices, caused by border closures, restrictions in FX market and insecurity predominantly in the Northern states has further heightened the situation. Since the deregulation of petrol prices, the country has witnessed petrol increase by almost 30% in the last 4 months, which suggests a continuous increase in transport cost. “Sadly, Nigerians are now been battered on two fronts: high transport cost and high inflation. “To mitigate these challenges, we suggest… Read full this story
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