Tag
INFLATION IN NIGERIA
The Group Managing Director of United African Company (UAC), Fola Aiyesimoju has stated that the company has had to increase prices by on average 75% to 100% to sustain profit margins.
Rising inflation and weak earnings have pushed 10 million Nigerians into poverty in 2023, according to the World Bank in its Macro Poverty Outlook for Nigeria: April 2024.
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.
Nigeria's headline inflation is projected to soar to 32.63% in March 2024, according to Muhammad Sani Abdullahi, Deputy Governor, of the Economic Policy Directorate of the Central Bank of Nigeria (CBN).
In Nigeria, some states are more expensive to live in when compared to others according to data from the National Bureau of Statistics.
Nigeria impacted by global events as Nigeria Nigeria relies heavily on imports for essential products like petroleum, cooking oils, fertilizers, crop chemicals, and others.
According to the NBS report, month on month, inflation rose by 12.26% in March 2020, higher than the rate (12.20%) recorded in February and 12.13% in January. The inflation rate in Nigeria rose for the 8th consecutive month as recession looms in the Nigerian economy amidst the rapid spread of COVID-19 pandemic
Inflation in Nigeria is a big issue, the prices of goods and services never come down and it is expected that prices will continue to rise in future.
Inflation may have dropped by 0.18 points in June 2019, but the Central Bank of Nigeria (CBN) has revealed that Nigeria's economy will continue to witness double-digit inflation throughout 2019.
Nigeria’s consumer price index, which measures inflation, rose to 11.22% in June 2019.
The consumer price index, which measures inflation, rose to 11.40% in May 2019. According to the @nigerianstat, year-on-year, inflation increased by 0.03% points higher than the 11.37% rate recorded in April 2019.
Nigeria's inflation rate which has dropped for three consecutive months in 2019 is expected to moderate around the double-digit for the next one year.