Tag: Inflation

Prices of millet, potatoes garri, meat, others push food inflation to 40% – NBS

Aminu Imam
NBS

Nigeria’s headline inflation rose to 33.20%, data from the National Bureau of Statistics, (NBS), has shown. In a report yesterday, the NBS said headline inflation rate, which was 31.70% in February, showed an increase of 1.50 percentage points.Also, food inflation increased to 40%, with prices of garri, akpu, water melon, among others cited as the reason for the increase. It stated that on a year-on-year basis, the headline inflation rate was 11.16 percentage points higher compared to the rate recorded in March 2023, which was 22.04%. This shows that the…

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Nigeria’s inflation rate hits 28.2% – NBS

Aminu Imam

…Highest in 20 yrs Nigeria’s inflation rate has hit 28.2 percent— the highest since 20-year. This is according to data released by the National Bureau of Statistics (NBS), yesterday. The NBS said the headline inflation rate for November increased to 28.20% relative to October 2023 headline inflation rate, which was 27.33%. The NBS said Food inflation rate also increased to 32.84% on a year-on-year basis, which was 8.72 percentage points higher when compared to the rate recorded in November 2022 (24.13%). “The rise in food inflation on a year-on-year basis…

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Inflation: Beecham Ampiclox jumps from N750 to N9,000; Augmentin N4,000 to N26,000; Paracetamol N40 to N150 – SBM Survey

Aminu Imam

A new survey has revealed that the economic hardship assailing Nigerians under President Bola Tinubu has continued to cause incessant hikes in the prices of drugs for malaria and other common conditions.  The survey conducted by SBM Intelligence, titled: ‘Paying the Price on Health’, compared the prices of pharmaceutical products back in 2019 with their prices as of November 20, 2023. Amid unfavourable economic circumstances in the country, British multinational pharmaceutical giant GlaxoSmithKline, in August 2023, announced plans to cease operations in the country after 51 years. Sanofi, another global…

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Nigerians resort to herbal concoctions, as medication prices soar by over 300%

Aminu Imam

Following the astronomical increase in the prices of drugs, some residents of the Federal Capital Territory (FCT) have resorted to herbal concoctions commonly referred to as “agbo” to treat various illnesses. The prices of many prescribed and over-the-counter medications have steadily increased, making these drugs unaffordable and unavailable. Findings revealed that some pharmacies in the Federal Capital Territory (FCT), where some drugs were reported to be scarce or unavailable, such as Augmentin, multivitamins like Omega H3, Ventolin inhaler and Fleming antibiotics. A pharmacist, who spoke anonymously said, “GlaxoSmithKline (GSK) products…

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