Nigeria, the most populous nation on the African continent and an economic powerhouse is currently in the throes of a severe cost-of-living crisis that has profound implications not only for its people but also for its economic landscape. This crisis has emerged as a potent confluence of both domestic and international factors, creating a formidable Read More…
Tag: CPI
Skyrocketing Food and Housing Costs Propel Nigeria’s Headline Inflation Rate to 24.08% in July 2023
The National Bureau of Statistics (NBS) has revealed a striking surge in Nigeria’s headline inflation rate, which has vaulted to 24.08% in July 2023. This alarming revelation was underscored by the NBS Consumer Price Index (CPI) and Inflation Report for July, disclosed in Abuja on Tuesday. The report spotlights the primary catalysts of this escalation: Read More…
Inflation down to lowest in more than five years in November
It is still double-digit inflation but in November, Nigeria experienced its lowest inflation climb in more than five years. In November, eased by 0.59 percentage points to 15.40% in November. According to Simon Harry of the Nigerian Bureau of Statistics (NBS), “Inflation has continued its declining trend.” Last month, Finance Minister Zainab Ahmed said the Read More…
Inflation rises by 0.49% in September- NBS
The National Bureau of Statistics (NBS) says inflation rate in September rose by 0.49 per cent to 13.71 per cent from 13.22 per cent recorded in August. NBS made this known in its Consumer Price Index (CPI) for September released on Thursday in Abuja. It said the increase in the inflation in September was on Read More…
Nigeria’s inflation rate hits 12.56%
The National Bureau of Statistics (NBS) says Consumer Price Index, (CPI) which measures inflation increased to 12.56 per cent year-on-year in June 2020. The NBS made this known in its CPI and Inflation Report for June released on Friday. It stated that the report showed that June inflation was 0.16 per cent points higher than Read More…