Tag: Inflation

Food inflation jumps 39.93% in November – NBS

Aminu Imam
Food inflation jumps

…North records highest Nigeria’s food inflation rate surged to 39.93% in November 2024 on year-on-year, a 7.08 percentage point increase, from the 32.84% recorded in November 2023, according to data from the National Bureau of Statistics, (NBS). The spike in food inflation was driven by significant price increases across various food categories such as tubers (yam, water yam, and coco yam); bread and cereals (guinea corn, maize, and rice); oils and fats (palm oil and vegetable oil), and tobacco (beer and pinto). On a month-on-month basis, the national food inflation…

Read More

Cooking gas price rises in October, 5Kg now ?6,915 from ?4,562 

Aminu Imam
Cooking gas price rise

A new report by the National Bureau of Statistics, (NBS), has shown that the price of cooking gas recorded an increase in October 2024. According to the NBS, the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) increased by 3.23% on a month-on-month basis from ?6,699.63 recorded in September 2024 to ?6,915.69 in October 2024. The cooking gas price also increased on a yearly basis, surging from ?4562.51 in October 2023, to ?6915 in October 2024. This represents a 51.58% increase. According to the…

Read More

Nigeria’s inflation rate soars to 32.70%, as hardship worsens

Aminu Imam
NBS inflation rate

Nigeria’s headline inflation rose to 32.70 percent in September 2024, according to the National Bureau of Statistics, (NBS). The development is contained in NBS’s ‘Consumer Price Index and Inflation’ report for September 2024. According to the report, the September 2024 headline inflation rate saw an increase of 0.55%, when compared to the August 2024 headline inflation rate. The rise in the inflation rate from 32.15% recorded in August is coming amid the hike in the pump price of petrol which has further aggravated the cost of living crisis. Similarly, food…

Read More

CBN raises interest rate to 26.75% amid soaring inflation

Aminu Imam
CBN raises interest rate

The Central Bank of Nigeria, (CBN), has again raised the Monetary Policy Rate (MPR), which measures interest rates by 50 basis points, from 26.25% to 26.75% amid soaring inflation and skyrocketing food prices. CBN Governor, Olayemi Cardoso, announced this after the apex bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday. The MPC also pegged the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45%, while that of merchant banks was put at 14%. The liquidity ratio was pegged at 30%. The apex bank also adjusted the…

Read More

Rice, garri, tomatoes prices rise 141% in one year – NBS

Aminu Imam
NBS on food prices

The average price of rice, garri and tomatoes rose 141 percent in one year, the highest yearly increase for the period, according to the National Bureau of Statistics, (NBS). The data from the selected food prices shows that the average price of rice rose 156 percent to N1,399 in 2024 from N547 in the same period of 2023. Also, the average price of garri – a major consumed staple by low and middle income surged 135 per cent from N363 in April 2023 to N852 in the corresponding period in…

Read More

Fuel Subsidy: Petrol price surges by 176%, as inflation bites Nigerians harder

Aminu Imam
Poverty & Hunger

The average price of Premium Motor Spirit, (PMS), popularly known as petrol, surged by 176.02 percent in April on a year-on-year basis as soaring inflation hit Nigerians. The National Bureau of Statistics, (NBS),  which disclosed this in its ‘Petrol Price Watch’ for April, stated that Nigerians bought Petrol in April 2024 at an average price of N701.24 per litre, when compared to N255.06 in the same month last year. According to the report,  the monthly petrol price increased by 0.64 per cent compared to N696.79 per litre when the product…

Read More

Rising Inflation: CBN raises interest rate to 26.25%

Aminu Imam
CBN rates

The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has raised the Monetary Policy Rate (MPR) by 150 basis points to 26.25 percent, from 24.75 percent in March, in order to further tackle rising inflation. CBN Governor, Olayemi Cardoso, who disclosed this yesterday, at the 295th MPC press briefing in Abuja, said the decision to raise the benchmark interest rate was to tame the country’s soaring headline inflation which increased to 33.69 percent in April. CBN had continued tightening of monetary instruments to bring down inflation. The 295th MPC…

Read More

‘Interest rates to remain high until inflation rate falls’ – Cardoso

Aminu Imam
CBN gov, Cardoso

… Reiterates commitment to monetary stability Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, had said interest rates would remain high until inflation rate comes down. Cardoso, who stated this in a Financial Times report yesterday.  also said orthodox policies would be implemented to tame inflation, said there is “every indication” that MPC would “do whatever is necessary” to rein in inflation. The CBN boss said, “They will continue to do what has to be done to ensure that inflation comes down. “Let’s face it: for a long period…

Read More

‘Nigeria’s galloping inflation impediment to economic growth’ – CBN

Aminu Imam
CBN HQ

The Central Bank of Nigeria, (CBN), says it’s making frantic efforts to address the nation’s galloping inflation which has engendered cost of living crisis and slowed down the economy. The apex bank asserted that Nigeria cannot attain the level of economic prosperity it desires without tackling rising inflation. Speaking on the bank’s second episode of the talk podcast on its YouTube page, the Acting Director of the CBN’s Banking Supervision Department, Dr. Adetona Adedeji, noted inflation hinders economic growth. He disclosed that the bank prioritised combating inflation over tackling rising…

Read More

Millions of women, girls suffering in silence, as sanitary pad prices soar

Aminu Imam
Sanitary pads

Over 37 million Nigerian women and girls face the grim reality of period poverty, unable to afford sanitary pads, according to former Minister of Women’s Affairs, Pauline Tallen. ?This dire situation has worsened due to skyrocketing prices, leaving many unable to work or attend school. According to a published report yesterday, which delved into the struggles of Nigerian women and girls coping with menstrual hygiene, the cost of sanitary pads has surged, with some brands now selling for as high as N2,980. Quoting a widow and mother of three teenage…

Read More