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ARTICLE DETAILS ABSTRACT History Revised format: February 2020 Available Online: March 2020 Purpose: Rising inflation rate is among major factor contributing towards increasing poverty and its incidence. Though a number of studies have measured this causal relationship, the present study aims at investigating the nature of causality between inflation and poverty with empirical evidence from Nigeria. Methodology The study has employed the Toda-Yamamoto causality test to investigate the nature of causality between inflation and poverty in Nigeria for the period 1980-2016, with money supply and exchange rate as control variables. Findings: The results of the study depict a bidirectional causal relationship between inflation and poverty. Implication: Even though the money supply does not cause poverty directly, it does cause inflation, and inflation in turns causes poverty. Also, the exchange rate does not cause inflation directly, but it does cause poverty, and at the same time, poverty causes inflation. Therefore, the study calls the attention of the policymakers to be cautious in making policies concerning money supply and local currency devaluations (exchange rate) as they cause both inflation and poverty directly and indirectly and affect the social welfare.

Evidence of Inflation-Poverty Causality in Nigeria based on the Toda-Yamamoto Dynamic Causality Test.