Inflation in Nigeria – are the authorities doing enough to combat the existing problem?

Olajide Oyadeyi

MPRA Paper from University Library of Munich, Germany

Abstract: The onset of the Covid-19 pandemic, the war on Ukraine, and their effects on global output and supply chain have led to inflationary pressures globally. The Covid-19 pandemic has continued to disrupt the global supply chain, especially in China, while the war between Russia and Ukraine has affected commodity and food prices, leading to inflation rising to levels not seen globally since the global financial crisis in 2008. Inflation has been a pressing issue for policymakers globally. In November 2022, US inflation climbed down to 7.1% from a peak of 9.1% in June, the highest ever in many decades. Even though this figure represents a drop of 8.5% from its October inflation report of 7.7%, we would need to stretch back to 1981 for us to get a period when inflation was that high in the US, averaging 10% that year. As a result of this, how has Nigeria been able to address the issues of global inflation fuelled by the ongoing war in Ukraine? What are some policy considerations that are germane to tackle the current rising prices? These and other questions would be addressed in the article.

Keywords: Inflation; Interest Rates (search for similar items in EconPapers)
JEL-codes: E30 E31 E42 E43 E52 E58 E62 (search for similar items in EconPapers)
Date: 2022-12-31
New Economics Papers: this item is included in nep-cis, nep-mac and nep-mon
References: Add references at CitEc
Citations:

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/116802/1/MPRA_paper_116802.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:116802

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().