Flooding: cenbank to deploy grains reserve to check food inflation, says Emefiele | TheCable
Godwin Emefiele, governor of the Central Bank of Nigeria , says the apex bank will fall back on its strategic grains reserve to check food inflation.He said the idea is to moderate food prices that could be occasioned by recent flooding across the country.
According to the National Bureau of Statistics, food inflation rose to 23.72 percent in October 2022, 5.39 percent higher than the rate recorded in October 2021 . The rise in food inflation was caused by high prices of bread and cereals, food products, potatoes, yams and other tubers, oil and fat, according to the bureau.“The flooding of this year happens to be the worst in the last five years in Nigeria.
“This will make sure that the impact of the rising food prices does not linger for too long so that we can have control of prices of agricultural produce and other consumer goods.”
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