Macroeconomic Determinants of Food Price Inflation in Nigeria

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Analysis reveals long run relationships among exchange rate, money supply, and food price inflation in Nigeria.

An increase in exchange rate significantly raises food price inflation in Nigeria.
Broad money supply, interest rate, and food production index effectively reduce food price inflation.
The study used data from 1996 to 2023 sourced from the Central Bank of Nigeria and World Bank.
Findings highlight the importance of currency stability to mitigate food price inflation in Nigeria.

Innocent et al. (2025) studied this question.

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