APC Leader Identifies Cause Of Rising Inflation Rate Beyond Fuel Prices
APC Leader Identifies Cause Of Rising Inflation Rate Beyond Fuel Prices
Ayobami Oyalowo, a former member of the All Progressives Congress Presidential Campaign Council (APC PCC), has highlighted a key factor driving Nigeria’s inflation rate. Appearing on Channels Television’s *The Morning Brief* on Tuesday, Oyalowo argued that the main contributor to Nigeria’s rising inflation is not the cost of fuel, but the ongoing depreciation of the naira against the dollar……CONTINUE READING
He pointed out that the real issue lies in the naira’s exchange rate, predicting that inflation will worsen in the coming months, particularly with the release of September’s inflation data reflecting current petroleum prices. Despite a recent slight improvement in food prices, Oyalowo warned that a downturn could be on the horizon.
Oyalowo stated, “The price of fuel is not the major problem; the real issue is the naira’s value against the dollar. We are still buying fuel at less than 60 cents, so the increase we’re seeing is not due to fuel prices but the naira being undervalued.”
He continued, “As long as there is no effort to stabilize the naira, fuel prices will continue to rise, which will affect the cost of goods and services. We’re likely to see worse conditions next month as September’s inflation data will include current petroleum prices, potentially revealing that other prices have increased while food price improvements may not be as positive as expected.”
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