Tag
NBS
News and analysis about NBS
Nigeria's current food inflation rate stood alarmingly high at 40.1% in March 2024, as revealed by recent data by the National Bureau of Statistics (NBS).
The Cost of a Healthy Diet (CoHD) serves as a vital metric in assessing the economic and physical accessibility of nutritious food options.
In the past one year, the price of food items especially staple foods has increased significantly. It has been adjudged that the increase in food prices is mainly due to depreciation of the naira, conflicts across the food producing regions of the country, high transportation costs and so on.
In March 2024, the average fare for Okada transportation per drop in Nigeria saw a modest year-on-year increase of 2.15%, reaching N472.16, up from N462.21 recorded in March 2023.
Since 2022, the cost of pain medicines in Nigeria has surged by as much as 200%, placing a significant burden on the shoulders of ordinary Nigerians.
The average retail price to refill a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) rose by 42.97%, from N4,610.48 in March 2023 to N6,591.62 in March 2024. Comparatively, the price saw a monthly increase of 7.10% from N6,154.50 in February 2024.
A new report from the National Bureau of Statistics (NBS) has disclosed the state of child labour across Nigeria. The report indicates that over 24 million Nigerian children are involved in child labour, with 14.3 million of these children engaged in hazardous work as of 2022.
The average retail price of Automotive Gas Oil (Diesel) paid by consumers rose by 59.51% year-over-year, increasing from N840.81 per liter in March 2023 to N1341.16 per liter in March 2024.
The cost of living in Nigeria continues to rise, with March 2024 consumer index price (CPI) data showing a consistent increase in inflation rates across both all items and food, affecting the daily lives of people in states, as evidenced by the data from the top 10 most expensive states.
The Consumer Price Index (CPI) for Housing, Water, Electricity, Gas, and Other Fuels (altogether referred to as ‘household bills’) has surged by 27.64% over the past year, reflecting a substantial increase as Nigerians grapple with escalating inflation rates and declining incomes.
In March 2024, Nigeria’s inflation rate increased to 33.20% from 31.70% recorded in February 2024. However, food inflation for the month under review clocked 40.01% from 37.92% recorded in the previous month.
Nigeria’s inflation rate increased to 33.2% for the month of March 2024 according to the latest data from the National Bureau of Statistics (NBS).