Tag
INFLATION
Nigeria's historical consumer price index which shows our inflation rate from 2003 till date. The data is updated monthly.
The latest report from the International Rescue Committee (IRC) and its international partners projects that around 16% of Nigerians will face severe food insecurity between June and August 2024.
Bakers have reported nearly a 100% increase in the cost of wheat flour since April 2023. Mr. Banjo Adeyanju, a Lagos-based bakery manager, noted that the price of a bag of wheat flour has jumped from about N32,000 in May 2023 to around N62,000 in May 2024, representing 94% price increase.
Exchange rate gains in the naira during the month of April led to a slowdown in inflation pressure according to the Stanbic IBTC Nigeria Purchasing Managers Index (PMI) in the month of April.
For working-class Nigerians, surviving the monthly onslaught of inflation is tough.
The Acting Director, of the Banking Supervision Department of the Central Bank of Nigeria (CBN), Dr Adetona Adedeji, has affirmed the bank's decision to prioritize combating inflation over tackling rising unemployment rates.
Financial experts fear escalating inflation and electric tariff hikes may push increase in prices of products.
Between mid-2022 and mid-2023, global commodity prices experienced a notable decrease of 40%, impacting commodities such as oil, gas, and wheat.
Despite a significant rise in food inflation, Nigerians get to sigh a breath of relief as the price of a 50kg bag of rice falls between 65,000 and 55,000 in most places in the country for the first time in months.
Since 2022, the cost of pain medicines in Nigeria has surged by as much as 200%, placing a significant burden on the shoulders of ordinary Nigerians.
Commodities trading plays a pivotal role in the global economy, influencing everything from the macroeconomic environment to the everyday prices of goods consumed by individuals.
The average retail price to refill a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) rose by 42.97%, from N4,610.48 in March 2023 to N6,591.62 in March 2024. Comparatively, the price saw a monthly increase of 7.10% from N6,154.50 in February 2024.
The Managing Director of Nigeria Breweries Plc, Mr. Hans Essaadi has outlined certain macroeconomic issues that will affect the company’s performance in 2024. These inlcude; high inflation, naira devaluation, the “Japa syndrome”, insecurity and pressure on consumer’s disposable income.