Tag
INFLATION
Nigeria's historical consumer price index which shows our inflation rate from 2003 till date. The data is updated monthly.
The prices of some staple foods, notably beans, yam, and garri, decreased significantly in August according to a Nairametrics survey on food items across Lagos state.
The latest report by NielsenIQ has revealed that the Nigerian Fast-Moving Consumer Goods (FMCG) market has seen a 17.4% decline in the volume of transactions this year as Nigerians continue to battle with the high cost of goods.
The Federal Competition and Consumer Pricing Commission (FCCPC) has stated that disproportionate pricing of imported goods mostly among retailers is mostly responsible for inflation in consumer goods in the country.
A new report by Price Waterhouse Coopers has revealed that up to 67% of MSMEs in the country have seen a decline in demand for their products in the last two years.
Business activities in Nigeria’s private sector contracted for the first time since November 2023 in July mainly due to reduction in new orders and high prices limiting demand.
Nigeria's economy has been grappling with significant inflationary pressures, which have notably impacted the prices of staple foods.
The Minister of Finance, Wale Edun, has said Nigeria’s revenue to debt service ratio has declined from 97% in 2023 to 68% in 2024, indicating a reduction in the debt burden of the government.
The Manufacturers Association of Nigeria (MAN) has reacted to the recent decision by the Central Bank’s Monetary Policy Committee (MPC) to increase the interest rate by 50 basis points stating that the continuous hike in MPR since May 2022 leads to an increase in production costs and finally prices of goods.
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has said that persistent inflation could prolong monetary tightening measures and hinder the nation's growth potential.
The state of emergency declaration on food security then follows concerns by the President over the escalating prices of food items in the market following the removal of fuel subsidy.
Nigeria’s inflation rate in June 2024 surged from 33.95% in May 2024 to 34.19% in June according to the latest report from the National Bureau of Statistics, (NBS).
Nigeria Labour Congress (NLC) Development Policy Analyst, Hauwa Mustapha has stated that macro-economic trends are yet to display positive signs in the economy.