The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) to 27.50 per cent from 27.25 per cent as part of efforts to combat surging inflation.
“The considerations of the meeting were held on the backdrop of renewed inflationary pressures as the headline food and core measures rose year on year in October 2024. Members therefore agreed unanimously to remain focused on addressing price developments,” Cardoso said.
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This is the sixth time the CBN has raised the interest rate since February 2024. In September, the bank pushed the rate to 27.25% following a drop in the country’s inflation level in August 2024.
Earlier this month, the National Bureau of Statistics (NBS) pegged the country’s inflation levels at 33.88% for October 2024, up from 32.7% in September 2024.
It reflected a 1.18 percentage point month-on-month hike. The NBS in its Consumer Price Index (CPI) attributed this to increased transportation costs and higher food prices.
According to the agency, on a year-on-year basis, the headline inflation rate was 6.55% points higher than the rate reported in October 2023 (27.33%).
