Nigeria’s Inflation Archives - Voice of Liberty NG

Inflation: Netflix leaves Nigeria after 6yrs

December 5, 2024December 5, 2024 Aminu Imam

The popular on-demand movies streaming platform, Netflix, has decided to abandon the Nigerian market, as the country’s economy records further collapse, according to recent inflation data from the National Bureau of Statistics, (NBS). Officials at the major on-demand movies channel yesterday said the worsening economic situation under President Bola Tinubu made the decision inevitable. According to an official who spoke to newsmen on condition of anonymity, pending an official announcement, “We’re exiting the Nigerian market. We’ve lost too many paying subscribers, and the exchange rate of naira against the American…

Hardship: ‘Nigeria’s inflation rate worsened to 33.88% in October’ – NBS

November 16, 2024November 16, 2024 Aminu Imam

The National Bureau of Statistics, (NBS) says Nigeria’s headline inflation rate increased by 33.88 percent in October 2024. The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for October 2024, which was released in Abuja, yesterday. According to the report, the figure is 1.18% points higher compared to the 32.70 % recorded in September 2024. It said that, on a year-on-year basis, the headline inflation rate in October 2024 was 6.55% higher than the rate recorded in October 2023, at 27.33 percent. In addition, the report…

Inflation rate eases to 33.4% in July – NBS

August 16, 2024August 16, 2024 Aminu Imam

Nigeria’s inflation rate decreased by 0.79 percentage points to 33.4% in July, down from a 28-year high of 34.19% in June, according to the National Bureau of Statistics, (NBS). The Consumer Price Index (CPI) report for July 2024 reveals a slowdown in food inflation as well, which fell to 39.5% from 40.8% in June. The NBS stated: “In July 2024, the headline inflation rate eased to 33.40%, compared to 34.19% in June 2024. This represents a decrease of 0.8 percentage points. Year-on-year, the headline inflation rate was 9.32 percentage points…

Inflation: Apple announces new prices for app purchases, subscriptions in Nigeria

June 8, 2024June 8, 2024 Aminu Imam

Apple Incorporated, (Apple Inc.), has announced a new set of prices for in-app purchases and subscriptions for its Nigerian customer base to reflect the raging inflation assailing the West African nation’s economy. The company announced the new prices in an email to developers Thursday night, stating that they will be effective June 21. According to Apple, Nigeria’s changing tax and monetary policies informed the new pricing decisions, which would significantly affect in-app purchases and other subscriptions. It is unclear if this development will also impact the prices of devices like…

Nigeria’s inflation rate soars to 31.70% in February – NBS

March 16, 2024March 16, 2024 Aminu Imam

Nigeria’s inflation rate soared to 31.70% in February 2024, continuing its upward trend, the National Bureau of Statistics (NBS), said yesterday, in its Consumer Price Index report for February 2024. According to the Bureau, the February 2024 headline inflation rate showed an increase of 1.80% points, when compared to the January 2024 figure. The NBS report reads in part: “In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate, which was 29.90%. “Looking at the movement, the February 2024 headline inflation rate…

Food, forex pressures push inflation to 29%

January 16, 2024January 16, 2024 Aminu Imam

Soaring food prices and foreign exchange pressures may have pushed up push inflation rate beyond 29 percent, it was learnt yesterday. Intelligence reports by many economic and finance firms surveyed at the weekend shows that inflation may have risen by between 50 to 80 basis points last month, the highest since August 2005. However, experts expressed optimism that early gains from the reforms introduced by the government would ease the pressure on Nigerians and put the economy steady path of recovery. The increase in inflation in December 2023 indicated that average…

Nigeria’s inflation rate rises to 27.33 percent in October – NBS

November 16, 2023November 16, 2023 Aminu Imam

Nigeria’s headline inflation rate for October increased to 27.33 percent from 26.72 percent in September. The National Bureau of Statistics, (NBS), disclosed this in its Consumer Price Index report released yesterday. The October 2023 headline inflation rate represented an increase of 0.61 percentage points, when compared to the September 2023 headline inflation rate. Furthermore, on a year-on-year basis, the headline inflation rate was 6.24 percentage points higher, when compared to the rate recorded in October 2022 (21.09 percent), indicating that the headline inflation rate (year-on-year basis) increased in October 2023,…

Inflation: Diesel crosses N1, 000 per litre in Lagos, Abuja

September 21, 2023September 21, 2023 Aminu Imam

The retail price of automotive gas oil, also known as diesel, has surged in some filling stations in Lagos and Abuja. With inflation reported at 25 percent, the price hike would inflict more pressure on household income and increase the cost of operation of businesses. According to reports yesterday, checks showed that a litre of diesel crossed the N1, 000 mark in some filling stations in Abuja, Ogun, Ondo, and Lagos States. At Shema filling station in Kado, Abuja, the product was reportedly sold for N1, 100 per litre at the…

Nigeria’s inflation accelerates to 24.08% in July – NBS

August 16, 2023August 16, 2023 Aminu Imam

…Highest in a decade The National Bureau of Statistics (NBS), in its Consumer Price Index (CPI) report released for July 2023, yesterday, disclosed that inflation rate shot up from 22.79 percent in the previous months to 24.08 percent in July 2023. The nation’s annual inflation rate rose for the seventh consecutive month since the year began with latest figure showing an increase of 1.29 points, when compared to June headline inflation rate. “In July 2023, the headline inflation rate rose to 24.08 percent relative to June 2023 headline inflation rate,…

Nigeria’s inflation rate rises to 22.79% in June

July 18, 2023July 18, 2023 Aminu Imam

Nigeria’s headline inflation rate has climbed to 22.79 percent in June 2023. According to data released by the National Bureau of Statistics, (NBS), yesterday, the country’s inflation rate rose to a new 17-year high of 22.79 per cent in June 2023 from 22.41 percent in the previous month. The NBS report read: “In June 2023, the Headline inflation rate rose to 22.79 percent relative to May 2023 headline inflation rate, which was 22.41 percent. Looking at the movement, the June 2023 Headline inflation rate showed an increase of 0.38 percentage…