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INFLATION RATE
News and analysis about inflation rate
Nigeria is projected to experience a further rise in inflation rates in September 2024, largely driven by a significant hike in gasoline prices.
The special adviser to the President on Information and Strategy, Bayo Onanuga, said that the inflation rate has been slightly reduced on a month-to-month basis, adding that citizens will soon begin to feel the positive impact of the reduction.
As Nigeria sinks deeper into inflation on a virtually daily basis, economists are voicing palpable fears that the insurance industry may be primed to take a hit.
The Association of Pure Water Producers has expressed concerns over the skyrocketing prices of pure water sachets, warning that the cost may surge to N100 if urgent measures are not taken.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has assured that Nigeria’s inflation rate will drop to 21.4% in 2024 amid the rising prices of foodstuff and other commodities.
Nigeria's headline inflation rate surged to 27.33% in October 2023, marking a 0.61% increase from September’s 26.72%.
Ugo started with the teeter-tottering nature of the Naira over the previous week. For example, on Thursday, the official exchange rate hit its highest-ever value of N996, only to return to N780 the next day, a huge disparity of N216.
Ahead of the release of October 2023 inflation figures on Tuesday, November 14, by the NBS, analysts at Afrinvest West Africa are forecasting a further hike in Nigeria’s headline inflation rate to 27.9% for October 2023.
Ondo, Kogi, and Rivers had the highest inflation rates in May 2023, with rates ranging from 25.02% to 25.84%.
We anticipate a 25 basis points increase in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN) at the end of its MPC today.
Economic activities during the period highlighted were hampered by the fallout from fuel shortages as well as the Central Bank’s demonetisation plan.
South-Eastern region, made up of Abia, Anambra, Ebonyi, Enugu, and Imo State recorded the highest average inflation rate of 22.39% in January 2023