Highlights steps to navigate inflationary trend
By Babajide Komolafe
Co Founder, ComercioPartners Limited, an investment bank, Steve Osho, has counselled against further hike in the Monetary Policy Rate, MPR, saying such move will undermine growth of the economy.
In a report by the company reviewing the continued upward trend in the inflation rate to 33.95 per cent in May, Osho noted that the, The recent 750 basis point hike in the MPR has started to show positive effects, evidenced by the Month-on-Month, MoM reduction in inflation.
According to the National Bureau of Statistics, NBS, Month-on-Month inflation fell for the third consecutive month to 2.14 in May. Food inflation rose to 40.53 in May, though the rate of increase dropped for the third consecutive month to 0.52 percentage points.
