1.1 Background of the Study
The word inflation has become a household name in most African countries, Nigeria inclusive. Inflation is a monster that threatens any economy although some author argues that its moderation is required for sustainable economic growth. However it is noted that inflation is inimical to economic growth. The problem of inflation surely is not a new phenomenon because it has remained a major problem in the country over the past few years. In the words of Adenuga, (2012), it is a monster which threatens all economies because of its undesirable effects. Inflation can be defined, as a significant and sustained increase in the general price level over a period of time.