Tag
INFLATION
Nigeria's historical consumer price index which shows our inflation rate from 2003 till date. The data is updated monthly.
The latest Food Security Update report from the World Bank, released on Tuesday, highlights that inflation in food prices remains high worldwide across low, middle, and high-income nations, according to available data.
As President Bola Tinubu sets up a committee to decide a new minimum wage for Nigerian civil servants, it would seem worrisome that the country’s rising inflation, currently at 28.92%, is yet to be tamed.
Most Nigerians' purchasing power has been negatively impacted by the decreasing naira, the high cost of living, and inflation, which has reduced their desire to invest.
Nigeria’s inflation is projected to drop to 21.5% in 2024, from the .5% recorded in 2023. This is according to the 2024 Macroeconomic Outlook produced by the Nigerian Economic Summit Group (NESG).
The CPI produced by the NBS indicates that in December 2023, the headline inflation rate increased to 28.92%, up from the November 2023.
The urban inflation rate for December 2023 soared to a staggering 31%, according to the latest data from the National Bureau of Statistics (NBS).
Nigeria’s inflation rate for December rose to 28.92% from 28.20% recorded in the previous month.
Financial analysts at Meristem Research anticipate a further increase in price levels in 2024, as the underlying factors that fueled the inflationary trend in 2023 show resilience.
Dr. Muda Yusuf has stated that monetary policy tools like interest rate hiking have been ineffective in tackling inflation in Nigeria
The cost of cooking a Christmas meal is about 73% of the minimum wage for average Nigeran households as inflation bites hard.
Christmas is around the corner, but it may not be merry for many Nigerians battling rising inflation, which has weakened their purchasing power.
In November 2023, the overall inflation rate rose to 28.20%, surpassing the October 2023 rate of 27.33%. This indicates a month-on-month increase of 0.87%.