Tag
INFLATION
Nigeria's historical consumer price index which shows our inflation rate from 2003 till date. The data is updated monthly.
The cost of living, often referred to as headline inflation went up by 1.29% compared to the previous month, June 2023, where when the increase was 22.79%.
Inflation is a general increase in the pricing of goods and services over time that indicates that, on average, items are more expensive.
Ghana’s inflation rate increased to 43.1% in July, reaching the highest level in four months due to rising food costs.
The Chief Executive of the Center for the Promotion of Private Enterprise (CPPE) Dr Muda Yusuf signalled that the recent hike in rate by the CBN MPC would hurt investors in the real economy, citing that the main drivers of inflation so far are the rising energy costs and depreciating exchange rates.
Russia announced Monday that it had suspended a humanitarian corridor that supplies major Ukrainian grains to global markets hours before the deal expired, further adding more pressure on Nigeria's food supply.
Nigeria’s inflation rate rose to 22.79% in the month of June 2023, representing a 0.38% points increase from 22.41% recorded in the previous month.
The new dispensation combined with quick policy actions on fuel subsidies and foreign exchange, as well as the arrest of the suspended central bank governor, has brought the question of monetary policy to the front burner.
Nigeria’s inflation rate elevated further in May 2023, rising to 22.41% from 22.22% recorded in the previous month, which represents the fifth consecutive increase in the headline inflation rate.
Some Economists have advised the Central Bank of Nigeria (CBN) to focus more on the supply side or cost push factors and structural issues fueling inflation in the country.
The incoming administration needs to step up the revenue drive and address the issue of corruption and inefficiency.
Nigeria's pension industry is shifting its investment strategies away from traditional fixed-income instruments due to rising inflation and interest rates.
Annual inflation is expected to remain well above the long-term average, especially in Western Asia, South Asia, and Africa.