Tag
INFLATION
Nigeria's historical consumer price index which shows our inflation rate from 2003 till date. The data is updated monthly.
The latest World Bank Nigeria Development Update revealed that rising inflation has pushed an estimated 7 million Nigerians below the poverty line in 2020 alone.
Nigerians have been hit with a further hike in the prices of food items such as flour, groundnut oil, pepper, tomatoes, noodles amongst others.
Concerns over quicker inflation and Covid-19 flare-ups in some countries caused Asian equities to fall along with U.S. and European share futures on Wednesday.
Nigeria's inflation rate dropped for the first time in 20 months to stand at 18.12% in April 2021
Concerns about inflationary spillovers pushed up an indicator of inflation expectations to its highest level since 2006.
An undisputed certainty is that individuals that hold a large percentage of their assets in cash will experience a loss because of inflation.
Specifically, the average fare increased from N134.07 recorded in March 2020 to N271.44 in March 2021.
At press time, the U.S. dollar index, which tracks the U.S dollar strength against major currencies dropped by 0.12% to trade at 90.945 points.
The LCCI boss has called on the FG to address the challenges constraining the supply side of the economy to tackle inflation.
Household consumption expenditure of Nigerians rose by 16.59% in Q4 2020 to stand at N13.92 trillion.
A flurry of large corporate debt sales is also underway led by MTN and Dangote Cement which could take out NGN200billion.
Fare paid by Nigerian commuters increased from an average of N208.89 recorded in February 2020 to N361.3 in February 2021.