Expansionary monetary policy in key industrial countries and a rapidly depreciating US dollar sent commodity prices soaring at unprecedented rates during 2003-2007. In contrast, consumer price indices in major OECD countries, a leading indicator for monetary policy, showed almost no inflation....

Commodity price shocks have, over the years, posed major challenges for the conduct of monetary policy and economic management in Nigeria. Several studies dedicated to investigating these phenomena had focused only on oil price (Nigeria's major commodity) with little or no attention to food...