By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Daily Report NigeriaDaily Report NigeriaDaily Report Nigeria
Notification Show More
Font ResizerAa
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Reading: Cardoso Sees Relief for Transportation Costs, Food Inflation
Share
Font ResizerAa
Daily Report NigeriaDaily Report Nigeria
  • METRO
  • NEWS
  • POLITICS
  • SPECIAL REPORT
  • FACT FILE
Search
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Have an existing account? Sign In
Follow US

Home | Cardoso Sees Relief for Transportation Costs, Food Inflation

News

Cardoso Sees Relief for Transportation Costs, Food Inflation

Tapre Timine
Tapre Timine
Published: June 13, 2025
Last updated: June 13, 2025
2 Min Read
Share
CBN Speaks on Plans to Revoke Licenses of Fidelity, Wema, Polaris, Unity Banks
SHARE

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), has seen that Dangote Refinery’s petroleum products will help moderate transportation costs and ease food inflation pressures.

Speaking at a press briefing in Abuja on Tuesday, Cardoso stated that the Monetary Policy Committee (MPC) expects the development to have a positive impact on the economy.

To combat inflation, now at 32.15 per cent, the committee raised the Monetary Policy Rate by 50 basis points to 27.25 per cent.

Also, the Consumer Price Index report released by the National Bureau of Statistics (NBS) shows that food inflation rose to 37.52 per cent in August 2024, driven by increases in prices of food items such as bread, maize, and palm oil.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

READ ALSO: CBN Targets N50bn from New Cybersecurity Levy

Cardoso attributed the upside risk in food inflation to flooding, energy price hikes, scarcity of premium motor spirit (PMS), and security concerns in farming communities.

He further commended the Federal Government’s efforts to address insecurity in farming areas and stressed the need for sustained action.

He said:

“On food inflation, the upside risk remains flooding, hike in energy prices, scarcity of PMS, and most importantly, security in farming communities.

“Considering the weight of food in the CPI (consumer price index, which measures inflation) basket, (MPC) members recognise the efforts of the Federal Government in addressing insecurity in the farming community and stressed the need to remain steadfast.

“In addition, the MPC applauded the ongoing efforts of the Federal Government of Nigeria to bridge the supply deficit through duty-free import windows for food commodities.”

 

For publication of Press Releases, Statements, and Advert Inquiries, send an email to info@dailyreport.ng
TAGGED:Top Stories
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Updates

Meet BBNaija 10/10’s First 15 Housemates — All Women, Men to Follow Sunday Night | Daily Report Nigeria
Meet BBNaija 10/10’s First 15 Housemates — All Women, Men to Follow Sunday Night
Entertainment
Real Madrid Eye €40m Plus Players Deal for Rodri | Daily Report Nigeria
Real Madrid Eye €40m Plus Players Deal for Rodri
News
President Tinubu Promises Super Falcons Grand Reception After WAFCON Win | Daily Report Nigeria
President Tinubu Promises Super Falcons Grand Reception After WAFCON Win
Sports
2024 WAFCON Individual Awards: Super Falcons Steal the Show | Daily Report Nigeria
2024 WAFCON Individual Awards: Super Falcons Steal the Show
Sports
Nkechi Blessing Says Unknown Admirer Once Pays Her ₦1M Weekly to Quit Acting Temporarily | Daily Report Nigeria
Nkechi Blessing Says Unknown Admirer Once Pays Her ₦1M Weekly to Quit Acting Temporarily
Entertainment

TOPIC

2023 Elections Abuja Accident AFCON Anambra APC Arrest ASUU ASUU Strike Atiku Abubakar Bandits Bayelsa BBNaija Biafra Boko Haram Bola Ahmed Tinubu Bola Tinubu Breaking News Breaking News Nigeria Burna Boy Burutu CBN Celebrity news Chelsea Coronavirus court covid-19 Crime Daily Report Ng Daily Report Nigeria Daily Sports News Davido Delta Delta state DSS Education EFCC Elections English Premier League EPL Family federal government FG FIFA World Cup Football Fraud Godwin Emefiele Goodluck Jonathan Governor Nyesom Wike Gunmen Health Ifeanyi Okowa Imo INEC Insecurity IPOB IYC JAMB Kaduna Kidnap Labour Party Lagos Lagos State Manchester United Marriage Muhammadu buhari Music NASS NDDC NDLEA Niger Delta Nigeria NLC Nnamdi Kanu NNPC Nollywood Nyesom Wike Olusegun Obasanjo Pastor PDP Peter Obi Police Politicians President Bola Ahmed Tinubu President Muhammadu buhari Professor Yemi Osinbajo Protest Rape Reno Omokri Rivers State Senate Sheriff Oborevwori Social Media Suicide Super Eagles Tinubu Top Stories Twitter Victor Osimhen Zamfara

You Might Also Like

Hoodlums Attack Senator Goje, Prevent Him From Entering Gombe | Daily Report Nigeria
News

Hoodlums Attack Senator Goje, Prevent Him From Entering Gombe

June 13, 2025
Meta Rolls Out WhatsApp Monetisation Features for Creators, Businesses | Daily Report Nigeria
News

Meta Rolls Out WhatsApp Monetisation Features for Creators, Businesses

June 17, 2025
‘I Went To Study in Cambridge’ — Atiku Reacts To Rumoured Relocation | Daily Report Nigeria
News

‘I Went To Study in Cambridge’ — Atiku Reacts To Rumoured Relocation

June 15, 2025
Cultists Murder Polytechnic Student in Delta | Daily Report Nigeria
Metro

Cultists Murder Polytechnic Student in Delta

April 13, 2025
© Daily Media N Publishing LTD. All Rights Reserved.
  • Home
  • About Us
  • Adverts With Us
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?