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The Central Bank of Nigeria (CBN) has revealed that there's a widespread of believe that Nigeria's economy will become weaker as prices start to rise across Nigeria. The CBN made this known four days after the Nigerian Bureau of Statistics (NBS) disclosed that inflation rose again.
CBN released an Inflation Attitudes Survey Report to show how Nigerians feel about inflation, which rose to 14.23% in October 2020 from the 13.71% in September 2020. AllNews had reported that inflation on a year-on-year in Urban area grew to 14.81% from 14.31%, while Rural rose to 13.68% from 13.14%.
According to NBS, oil and fat, fish, vegetables, potatoes, yam and other tubers, fruit, meats, bread and cereals, alcoholic and food beverages, were major drivers of Nigeria's inflation hike in October this year, and majority of Nigerians projected that the economy will become even weaker with the rising price - this is as Nigeria prepare for a recession period into 2021.
According to the CBN survey, it was disclosed that, "Respondents were asked what would become of the Nigerian economy if prices started to rise faster than they do now. The survey result showed that 62.1 per cent of the respondents believed that the economy would end up weaker, 9.0 per cent stated that it would be stronger, 12.6 per cent of the respondents believed it would makea little difference, while 16.4 per cent did not know.
"The responses showed considerable support for price stability, as majority (62.1 per cent) agreed that the economy will end up weaker. This is consistent with the notion that inflation constrains economic growth."
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