Tag: Nigeria’s Inflation

Inflation pushes additional 4m Nigerians into poverty – World Bank

Aminu Imam

The World Bank has said that the accelerating inflation in Nigeria, Africa’s biggest economy, has pushed an additional four million Nigerians into poverty in the first five months of 2023. In its latest Nigeria Development Update report for June 2023, the Bank said the loss of purchasing power from high inflation has increased poverty in the short-term, pushing an estimated four million Nigerians into poverty between January 2023 and May 2023. Nigeria’s economic performance weakened in the first part of 2023 amid a challenging global context – which has continued…

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Inflation rate hits 22% in May 2023 – NBS

Aminu Imam

The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 22.41 per cent in May 2023. This is according to the NBS Consumer Price Index (CPI) and Inflation Report for May 2023, released in Abuja, on Thursday. According to the report, the figure is 0.19 percent points higher compared to the 22.22 percent recorded in April 2023. It said on a year-on-year basis, the headline inflation rate in May 2023 was 4.70 percent higher than the rate recorded in May 2022 at 17.71%. This shows that the…

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Fiscal rascality fuelling Nigeria’s high inflation – Obi

Aminu Imam

The presidential candidate of the Labour Party, Peter Obi, has said that inappropriate monetary and fiscal policy contributes to the rising inflation in the country.  Currently, the country’s inflation rate is 21.34 percent, according to data from the National Bureau of Statistics. Obi, while speaking at Chatham House, London yesterday about his plans if elected the president of Nigeria, said the weakness of the country’s fiscal space is affecting its economy. The LP presidential candidate was responding to a question from the packed audience about how his government would relate…

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Inflation erodes Nigeria’s minimum wage by 55%, increases poverty – World Bank

Aminu Imam

…’Nigeria needs help’ – Finance Minister Nigeria’s accelerated inflation growth has eroded the value of Nigeria’s N30 thousand minimum wage by 55 percent, and widened the poverty net with an estimated five million people in 2022, the World Bank has revealed. This was revealed at the Corporation’s launch of the Nigeria Development Update for December 2022 Edition, and the Country Economic Memorandum held in Abuja yesterday. Nigeria’s inflation rate, which currently stands at 21.47 percent, is the highest peak in at least 17 years and the income of citizens is…

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Inflation: CBN raises benchmark interest rate to 15.5%%, highest in 20 yrs

Aminu Imam

The policy-setting committee of the Central Bank of Nigeria (CBN), the Monetary Policy Committee has raised its Monetary Policy Rate, (MPR), also known as interest rate, from 14 percent to 15.5 percent, to tame rising inflation. The CBN Governor, Godwin Emefiele, made the announcement yesterday, during a media briefing at the apex bank’s headquarters in Abuja, after the Committee’s meeting. He said 10 members of the committee voted for the rate hike. The monetary policy rate is the baseline interest rate in an economy, whereby every other interest rate used…

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Amid soaring food prices, inflation rate hits 19.64%, highest in 17 years – NBS

Aminu Imam

Nigeria’s inflation rate in the month of July 2022 rose to a 17-year high of 19.64%, as the prices of food rose across the nation, the National Bureau of Statistics, (NBS), has disclosed. In a report it released yesterday, the NBS said the figure was 2.27% higher compared to 17.38% recorded in July 2021. On a month-on-month basis, it said the headline inflation rate in July 2022 was 1.817%, which was 0.001% higher than 1.816% recorded in June 2022. It further said food inflation rose to 22.02% on a year-on-year…

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Businesses dying over high cost of diesel – Nsukka Chamber of Commerce cry out

Aminu Imam

The Nsukka Chamber of Commerce, Industries, Mines and Agriculture, (NCCIMA), says agriculture businesses in the area are dying over the increased cost of diesel. The Director-General of the chamber, Dan Ochi, disclosed this yesterday, in an interview with newsmen in Enugu. Ochi, who is also the Managing Director, Global Farms, said the worst affected were the tomatoes and pepper production businesses that depended on diesel for irrigation purposes. “We have stopped the production of our tomatoes and pepper because we can no longer run our irrigation machines at the current…

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Oil Crisis: Fresh economic crisis looms as diesel costs, fuel subsidies rise

Aminu Imam

…As petrol scarcity bites harder in Abuja There are growing concerns that the price of Automated Gas Oil (AGO), or diesel, may soon hit an all-time high amid lingering fuel shortages in States across the country. With no end in sight to the continued rise in the cost of importing the product, and subsidising Premium Motor Spirit (PMS), a.k.a petrol, Nigerians are bound to face a resultant foreign exchange-related hardship that may outstrip the gains of subsidy. A clear indication of an imminent danger emerged last Tuesday, when oil marketers…

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Nigerians groan, as cooking gas price rises by 83.7%

Aminu Imam

As the nation prepares for its 2023 general elections, many Nigerian households and businesses are finding it difficult to keep up with the hike in the price of commodities, one of which is cooking gas. According to the latest data by the National Bureau of Statistics, (NBS), refilling a 5kg cylinder of liquefied petroleum gas (cooking gas) stood at N3800.47 last month. A development that translates to an 83.67% increase from an average retail price of N2,069.21 in April 2021, on a year-on-year basis. Speaking with newsmen, a barber, Adam,…

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Nigerians to pay more for bread as wheat prices hit record high

Aminu Imam

The global price of wheat, yesterday, reached a record high at €435 ($453) per tonne in the European market. The price of the commodity continued to soar following supply disruptions linked to Russia’s invasion of Ukraine. The Food and Agriculture Organisation (FAO) of the United Nations, (UN), had said both countries accounted for around 30 percent and 20 percent of global wheat and maize exports, respectively. The surge in prices, worsened by fertiliser shortages and poor harvests, has also caused inflation globally and raised fears of famine and social unrest…

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