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Journal of African Economies Advance Access published online on August 18, 2009
Journal of African Economies, doi:10.1093/jae/ejp015
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© The author 2009. Published by Oxford University Press on behalf of the Centre for the Study of African Economies. All rights reserved. For permissions, please email: journals.permissions@oxfordjournals.org

Non-monetary Determinants of Inflation Volatility: Evidence from Nigeria

David Fielding*

University of Otago, Dunedin, New Zealand

* Corresponding author: E-mail: david.fielding{at}otago.ac.nz

There is a large literature on the impact of exchange rate and monetary policy regimes on inflation volatility in emerging markets. Other determinants of inflation volatility are less well understood. Using monthly time-series data on the prices of ninety-six individual products in thirty-seven Nigerian states, I explore the non-monetary state-specific characteristics that drive local inflation volatility. Among the significant determinants of volatility are average inflation, transport and communication infrastructure, consumer access to credit markets and urbanisation. However, there is substantial heterogeneity across products in the relative importance of these factors. We discuss the implications of our results for development policy.

JEL classification: E31, O11


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