THE DETERMINANTS OF INFLATION IN NIGERIA
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ABSTRACT
Inflation is one of the macroeconomic problems facing many developing countries today and Nigeria is not exempted. Inspite of the use of monetary and fiscal policy measure. For controlling inflation in Nigeria, inflation still remain a serious and contentious problem in Nigeria. The major purpose of the study is to highlight the determinants of inflation in Nigeria and to check the trend of inflation overtime and the measures to curb it.
The data were largely the secondary type and the main sources is the CBN statistical bulletin for the period of 1980 – 2009. The methodology involves the use of classical linear regression model using E-views econometric package. These include R2 and adjusted R2 to test the explanatory power of the estimates, t-test to determine the significance of the entire regression plan and the second order tests which includes test for auto-correlation, test for stationary, Normality test. The regression result shows that Government expenditure have a positive impact on inflation while real exchange rate, real GDP and money supply have a negative impact on inflation respectively. This implies that an increase in money supply, real GDP and real exchange rate will reduce inflation while an increase on government expenditure will increase inflation.
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