The Central Bank of Nigeria (CBN) says the lifting of petroleum products from Lagos-based Dangote Refinery will moderate the cost of transportation and ease food inflation.
CBN Governor Olayemi Cardoso stated this at a press briefing on Tuesday at the end of the 297th meeting of the Monetary Policy Committee (MPC) in Abuja.
The committee expressed optimism that the lifting of refined petroleum products from Dangote Refinery will moderate transportation costs and significantly support the easing of food price pressures in the short to medium term.
Cardoso said the local Refining of Petroleum Products is also expected to moderate foreign exchange demands for importation of refined products with a positive spill over on external reserve and improvement in the overall balance of payment position
According to the Consumer Price Index recently released by the National Bureau of Statistics (NBS), the headline inflation rate eased to thirty two point one -Five percent in August 2024, while food inflation stood at thirty seven point five -two n the same month.
The Consumer Price Index said the rise in food inflation on a year-on-year basis was caused by increases in prices of the following items, bread, maize, grains, guinea corn, bread, cereals yam, Irish potatoes, water yam, cassava tuber, palm oil, vegetable oil, among others.
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