What do you believe is the single most important factor driving up the cost of living in Nigeria?

The Centre for the Promotion of Private Enterprise (CPPE) on Tuesday expressed concern over the latest rise in Nigeria’s inflation rate.

Nigeria’s annual inflation rate rose in September after recording a two-month consecutive fall. The headline inflation rate was 32.70 per cent relative to the August headline inflation rate of 32.15 per cent, the National Bureau of Statistics (NBS) announced Tuesday.

In a statement signed by Muda Yusuf, director of CPPE, the think tank said the resurgence of high inflationary pressures is troubling, despite monetary policy measures to tame inflation.

“It is troubling that we are witnessing a resurgence of high inflationary pressures after some few months of respite despite policy measures to tame inflation, especially on the monetary side.

“Purchasing power had continued to plunge over the past few months. The situation had been further exacerbated by the surging petrol price,” Mr Yusuf said.

• Read More