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Determinants of Inflation in Nigeria: A Co- Integration Approach

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  • Olatunji, G.B.
  • Omotesho, O.A.
  • Ayinde, Opeyemi Eyitayo
  • Ayinde, Kayode

Abstract

Inflation is undeniable one of most leading and dynamics macroeconomics issues confronting almost all economies of the world. Its dynamism has made it an imperative issue to be considered. Hence the study examines the factors affecting inflation in Nigeria. Time series data were employed for the study. The data was sourced from the Central Bank of Nigeria and National Bureau of Statistics. Descriptive statistics and cointegration analysis were the analytical tools used. It was observed that there were variations in the trend pattern of inflation rate. Some of the variables considered were significant in determining inflation in Nigeria. The previous total export was found to have a negative impact on current inflation while the previous total import exerts a positive effect likewise the food price index. It has thus been recommended that policies that will set the interest rate to a level at which it will encourage investment and increase in production level could be institutionalized, importation should be reduced in Nigeria such that it will not encourage change of consumer taste resulting to inflating prices, exchange rate system should be maintained at a level that will not impose threat on the Nigeria economy and the domestic consumption of petroleum product should be focused, not only exportation.

Suggested Citation

  • Olatunji, G.B. & Omotesho, O.A. & Ayinde, Opeyemi Eyitayo & Ayinde, Kayode, 2010. "Determinants of Inflation in Nigeria: A Co- Integration Approach," 2010 AAAE Third Conference/AEASA 48th Conference, September 19-23, 2010, Cape Town, South Africa 96162, African Association of Agricultural Economists (AAAE).
    • Handle: RePEc:ags:aaae10:96162
    DOI: 10.22004/ag.econ.96162
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    Cited by:

    1. Furrukh Bashir, Farzana Yousaf, Huda Aslam, 2016. "Determinants of Inflation in Pakistan: Demand and Supply Side Analysis," Journal of Finance and Economics Research, Geist Science, Iqra University, Faculty of Business Administration, vol. 1(1), pages 1-15, March.
    2. repec:gei:jnlfer:v:1:y:2016:i:1:p: is not listed on IDEAS
    3. Ibrahem H. Al-Ezzee, 2016. "Drivers of Inflation in the Economy of Bahrain," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(3), pages 178-188, March.
    4. Alarudeen Aminu & Joshua Adeyemi Ogunjimi, 2019. "A Small Macroeconometric Model of Nigeria," Economy, Asian Online Journal Publishing Group, vol. 6(2), pages 41-55.

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    Keywords

    Financial Economics;

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