Central Bank of Nigeria, Research Department.
Inflation targeting, Consumer Price Index (CPI), Inflation forecasting, Central Banks, Nigeria.
The paper discusses the intricacies and processes involved in the production of the â€œbest possible inflation forecastsâ€. Issues such as the choice of an appropriate index, the forecast design and requirements as well as communication strategies were discussed therein. The significance of the paper lies in the fact that it serves as an operational guide to countries transiting to inflation targeting. A summary of the paper is presented in the review, followed by lessons for Nigeria.
Omanukwe, P. N. (2008). Setting the operational framework for producing inflation forecasts. Economic and Financial Review, 46(3), 97-105.