 release im Consumer Price Index (CPI) report for October 2022 on Tuesday, say inflation don rise to to 21.09% for October and food inflation dey for 23.72% for di month of October from 23.34% for September.Reacting to dis new informate on inflation, former CBN deputy govnor, Kingsely Moghalu, tell BBC Pidgin say dis report no be surprise at all sake of wetin dey cause di inflation.Wia dis foto come from, Kingsley Mpghalu/TwitterOga Moghalu say Nigeria inflation na cost push and not demand push inflation.Cost push inflation according to am, na rising cost of running economy sake of di kain structure factors wey dey drive up di price.Some of di economic structural palava wey make Nigeria dey get dis kain very high inflation na sake of forex wahala, high cost of electricity, security palava and too much goment interference for di economy.Nigeria goment dey over chook mouth for di economy by trying to control di foreign exchange, im tok.Di kotri get many different rates ofr changing dollar to Nigeria and dis dey pursue investors wey wan come invest, e add.Di cost of importing goods to enta di kontri dey go high sake of foreign exchange wahala.Pipo wey dey import market dey get dia foreign exchange through the black market and wen dem buy goods dem must add reflect di price and add dia own profit.We also get high food prices and e get many tins wey dey case di price of food to go high.Oga Moghalu say tins wey dey make food cost include 'conflict for various parts of Nigeria especially for di food basket areas for di north east and di middle belt, weda na Boko Haram, wed ana bandits wey dey chase pipo away from dia farms, dey deny pipo farmlands, or wed ana di herdsmen wey dey){kind=link}
Wia dis foto come from, Getty Images
Di rising inflation for Nigeria and di economic situation wey di kontri dey face go get any short term solution yet until afta di 2023 general election, na so one former deputy govnor of di Central Bank of Nigeria tok.
Di kontri National Bureau of Statistics (NBS) release im Consumer Price Index (CPI) report for October 2022 on Tuesday, say inflation don rise to to 21.09% for October and food inflation dey for 23.72% for di month of October from 23.34% for September.
Reacting to dis new informate on inflation, former CBN deputy govnor, Kingsely Moghalu, tell BBC Pidgin say dis report no be surprise at all sake of wetin dey cause di inflation.
Wia dis foto come from, Kingsley Mpghalu/Twitter