1 © 2022 by the authors; licensee Asian Online Journal Publishing Group Growth Vol. 9, No. 1, 1-5, 2022 ISSN(E) 2412-2068 / ISSN(P) 2518-0185 DOI: 10.20448/growth.v9i1.3815 © 2022 by the authors; licensee Asian Online Journal Publishing Group Money Supply Movement and Food Inflation in Nigeria Yusuff Olatunji Ashiru Department of Economics, University of Ibadan, Nigeria. Email: yoashiru90@gmail.com Abstract Among the major macroeconomic objectives of any nation is to ensure higher economic growth without significant and persistent upward trend in the general price level. No wonder monetary authorities do emphasis low inflation-output growth. In Nigeria, all efforts of the Central Bank of Nigeria (CBN) to achieve single digits inflation over the years have been abortive. Against this background, this paper examines the impact of money supply on food inflation in Nigeria using monthly data between 1996:01 and 2021:12. The augmented Dickey-Fuller test of unit root is to check the stationary of money supply growth and food inflation. Thereafter, an autoregressive distributed lag model (ARDL) model is specified in order to capture both contemporaneous and effects of money supply on food inflation and the model is estimated using the ordinary least squares (OLS) estimation technique. The results reveal that money supply has contemporaneous effect on food inflation. No evidence of lagged effect is found. It is therefore concluded that controlling the growth in money supply is an effective measure to control food inflation. Keywords: Money supply, Growth, Food inflation, Contemporaneous effect, Lagged effect, ARDL model, Nigeria. Citation | Yusuff Olatunji Ashiru (2022). Money Supply Movement and Food Inflation in Nigeria. Growth, 9(1): 1-5. History: Received: 2 February 2022 Revised: 7 March 2022 Accepted: 22 March 2022 Published: 31 March 2022 Licensed: This work is licensed under a Creative Commons Attribution 4.0 License Publisher: Asian Online Journal Publishing Group Funding: This study received no specific financial support. Competing Interests: The author declares that there are no conflicts of interests regarding the publication of this paper. Transparency: The author confirms that the manuscript is an honest, accurate, and transparent account of the study; that no vital features of the study have been omitted; and that any discrepancies from the study as planned have been explained. Ethical: This study followed all ethical practices during writing. Contents 1. Introduction ......................................................................................................................................................................................... 2 2. Empirical Review ................................................................................................................................................................................ 2 3. Methodology ........................................................................................................................................................................................ 2 4. Empirical Analysis .............................................................................................................................................................................. 3 5. Conclusion ............................................................................................................................................................................................ 4 References ................................................................................................................................................................................................. 4