{"id":18144,"date":"2019-11-26T17:11:52","date_gmt":"2019-11-26T17:11:52","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=18144"},"modified":"2019-11-26T17:11:52","modified_gmt":"2019-11-26T17:11:52","slug":"nigeria-holds-key-rate-saying-17-month-high-inflation-temporary","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigeria-holds-key-rate-saying-17-month-high-inflation-temporary","title":{"rendered":"Nigeria Holds Key Rate, Saying 17-Month High Inflation Temporary"},"content":{"rendered":"<p>Explore what\u2019s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.<\/p>\n<p><a href=\"https:\/\/twitter.com\/cenbank?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor\">Nigeria\u2019s central bank<\/a> held its benchmark rate for a fourth straight meeting, saying the surge in <a href=\"https:\/\/www.thebalance.com\/what-is-inflation-how-it-s-measured-and-managed-3306170#:~:targetText=Inflation%20is%20the%20increase%20in,of%20each%20unit%20of%20currency.\">inflation<\/a> to a 17-month high is just temporary.<\/p>\n<p>All 11 members of the Monetary Policy Committee who attended the meeting voted to keep the rate at 13.5%, Governor Godwin <a href=\"https:\/\/en.wikipedia.org\/wiki\/Godwin_Emefiele\">Emefiele<\/a> told reporters Tuesday in the capital, Abuja. The decision was in line with the forecast of all six economists surveyed by Bloomberg.<\/p>\n<p>Key Insights<\/p>\n<p>Nigeria\u2019s inflation rate rose to 11.6% in October due to a spike in food prices following the closure of land borders to halt smuggling of rice, a staple in Africa\u2019s most-populous nation. Emefiele said the effects on price growth are \u201creactionary and temporary,\u201d and that the MPC supports the move because the current cost of the closure is lower than the medium-term benefits.<\/p>\n<p>The rate has now been above the central bank\u2019s target range of 6% to 9% for almost four years. In September, he said rate cuts would be considered only when inflation slows to the top end of the band.<br \/>\nEconomic growth quickened to 2.3% in the three months through September. While that\u2019s the fastest expansion in three quarters, it still well below the annual average of more than 6% in the decade prior to the 2016 contraction. The bank reduced its forecast for economic growth this year to 2.2% compared with 2.28% at its previous meeting.<br \/>\n&#8211;With assistance from Hilton Shone, Pauline Bax and Gordon Bell.<\/p>\n<p>To contact the reporters on this story: Alonso Soto in Abuja at asoto54@bloomberg.net;Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net<\/p>\n<p>To contact the editors responsible for this story: Anthony Osae-Brown at aosaebrown2@bloomberg.net, Rene Vollgraaff, Ana Monteiro<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Explore what\u2019s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast. Nigeria\u2019s central bank held its benchmark rate for a fourth straight meeting, saying the surge in inflation to a 17-month high is just temporary. All 11 members of the Monetary Policy Committee who [&hellip;]<\/p>\n","protected":false},"author":62,"featured_media":18146,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[653,365,1170],"class_list":["post-18144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-emefiele","tag-inflation","tag-mpc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nigeria Holds Key Rate, Saying 17-Month High Inflation Temporary - Nigeria<\/title>\n<meta name=\"description\" content=\"Explore what\u2019s moving the global economy in the new season of the Stephanomics podcast. 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