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Comparing Q1 Inflation Rate Across Five Years
According to the latest figures from the National Bureau of Statistics, Nigeria’s Consumer Price Index rose to 15.92 percent in March 2022. This new figure was the highest the country has recorded since November 2021. In the first quarter of the year, Nigeria’s inflation rate grew from 15.60 percent in January to 15.92 recorded in…
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How The Russian-Ukraine War Is Hurting Zimbabwe’s Struggling Economy
The ongoing conflict between Russia and Ukraine is causing a rippling effect in countries across the globe especially developing economies that depend on oil and other produce supplies from both countries. Zimbabwe is one of those countries that heavily rely on European nations for trade and gets at least half of its wheat from Russia.…
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Nigeria’s Inflation Rate Drops To 15.60% In January
The consumer price index, which measures inflation, dropped to 15.60 percent year-on-year in January 2022. This is 0.87 percent points lower than the rate recorded in the corresponding month in 2021 (16.47) percent and 0.03 percent recorded in December 2021. The National Bureau of Statistics which disclosed this in its Consumer Price Index report for…
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IMF Cuts Global Economic Growth Forecast To 4.4%
The International Monetary Fund on Tuesday warned that the global economy might not grow at the pace it was previously predicted due to slow recoveries in the United States and China. IMF’s latest World Economic Outlook shows a downshift in global economic growth from 5.9% in 2021 to 4.4% this year as opposed to what…
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Inflation Increases By 15.40% In November 2021
The consumer price index, which measures inflation, increased by 15.40 percent in November 2021. This is 0.51 percent points higher than the rate recorded in November 2020 (14.89) percent. On a month-on-month basis, the index increased by 1.08 percent in November 2021, this is 0.10 percent higher than the rate recorded in October 2021 (0.98)…
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Inflation Rate Falls To 15.99 In October 2021
The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate fell to 15.99 in October from the highest record of 18.17 in March 2021. The report said the Consumer Price Index (CPI), which measures inflation, saw an increase of 1.76 percent when compared to the record in October 2020 (14.23 percent). However it…
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Nigerian Senate Increase Prisoner’s Feeding Cost By 122%
A little over 62,260 people that makeup Nigeria’s prison population would now earn up to N1000 for daily feeding allowance, according to a senate committee’s new decision. The Senate Committee on Interior recently agreed to increase the daily feeding cost of prisoners per day from N450 to N1,000, as proposed in the 2022 budget. The…
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Global Food Prices Hit A 10-Year High – UN
United Nations Food and Agriculture Organization has reported the continuous climb in food prices around the world, hitting a fresh decade high last month. The FAO Food Price Index climbed for a third straight month in October, jumping 3 percent from the previous month to reach its highest level since July 2011. Cereal prices overall…
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Nigeria’s inflation falls to 16.63%, lowest in eight months
According to the National Bureau of Statistics, the inflation rate in Nigeria declined for the sixth consecutive month to 16.63 percent in September. Its lowest level since January this year. In its Consumer Price Index, NBS said the inflation rate fell by 0.38 percent from 17.01 per cent in August. The drop in headline inflation…
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Nigeria’s Inflation Drops To 17.38% In July
The Consumer Price Index which measures inflation has dropped by 17.38 percent in July 2021. This is 0.37 percent lower than the rate recorded in June 2021 (17.75%). The National Bureau of Statistics disclosed this in its Consumer Price Index report for June. Increases were recorded in all Classification of Individual Consumption According to Purpose…