Tag
INFLATION
Nigeria's historical consumer price index which shows our inflation rate from 2003 till date. The data is updated monthly.
The Rice Farmers Association of Nigeria (RIFAN) Lagos state chapter has stated that the federal government should encourage local rice farmers in the country rather than allow importation.
A significant factor contributing to the exodus of multinational companies is the declining purchasing power of Nigerian consumers
The first quarter GDP as released by the Nigerian Bureau of Statistics (NBS), revealed a decline in the real estate and construction sector’s growth in Q1 2024.
The Nigerian Economic Summit Group (NESG) has linked inflation and increasing food prices as factors contributing to malnutrition and food insecurity among millions of women and children in Nigeria.
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has warned that extending the capital component of the 2023 budget to December may increase the money supply in circulation and undermine the Central Bank’s efforts to control inflation.
Nigeria’s Purchasing Managers’ Index (PMI) drop to a seven month of 50.1 in June as inflationary pressures led to a slowdown in business activities in the month.
In May 2024, Nigeria experienced a headline inflation rate of 33.95%, up from 22.41% in May 2023, reflecting significant economic pressures.
Financial experts have emphasized the urgent need for the Nigerian government, particularly at sub-national levels to implement strict fiscal discipline measures to address the nation’s escalating inflation rate.
The prices of major staple food items such as tomato, beans, garri and potato rose by over 30% in the month of May according to the National Bureau of Statistics (NBS) food price watch for the month.
The average retail price of 5kg of Liquefied Petroleum Gas (cooking gas) increased by 13.75% from N6,521.58 recorded in April 2024 to N7,418.45 in May 2024.
Nigeria has requested an 18-month extension on the closing date of the World Bank’s $800 million palliative loan in a strategic move to bolster its social safety net programs amidst rising inflation and economic challenges.
In the past few weeks, there have been a noticeable uptick in the price of eggs across the country. A simple survey of egg prices per crate in the last three weeks reveals an increase of around 17% in one month at farmgate.