Nigeria�s inflation rises to 15.70% as fuel scarcity affects prices

March 16, 2022March 16, 2022 Aminu Imam

Nigeria�s consumer price inflation index, (CPI), rose in February this year, after recording a fall in January as the nation faces fuel shortages that have helped push prices higher. The rate of price increase between February 2021 and Feb. 2022 was 15.70% higher than the 15.60% recorded in January, the National Bureau of Statistics, (NBS), announced yesterday. The NBS said the prices of goods and services, measured by the CPI, fell 1.63 percentage points, lower than the rate recorded in February 2021 (17.33 percent). According to the NBS, the rise…

IPMAN fears worse inflation, as diesel price jumps to N650 per litre

March 12, 2022March 12, 2022 Aminu Imam

The Independent Petroleum Marketers Association of Nigeria, (IPMAN), says Nigeria risks one of its worse inflations and hardships on the citizens if the spike in the prices of diesel and other refined petroleum products continues. The association’s chairman, Enugu Depot, Chinedu Anyaso, raised the concern in an interview with newsmen in Awka, the Anambra State capital. Diesel price in Awka and its environs has jumped from N400 per litre about two weeks ago to N650. The product is a major source of energy for articulated vehicles, industries and hotels, especially…

World Bank blames FG as high inflation worsens poverty

February 6, 2022February 6, 2022 Aminu Imam

The global financial institution, the World Bank says Nigeria�s federal government did not take any concerted action towards curbing inflation in 2021 despite inflation shock pushing an estimated eight million Nigerians below the poverty line. The Washington-based bank said this in the latest edition of its �Nigeria Development Update� report 2021. It said, �Double-digit inflation rates are depressing economic activity and exacerbating poverty. Rising food prices are eroding household purchasing power, and we estimate that during 2020 and 2021, the �inflation shock� alone pushed about eight million more Nigerians below…

Nigeria�s inflation rate rises to 15.63% – NBS

January 18, 2022January 18, 2022 Aminu Imam

Nigeria�s inflation rate in December 2021 rose to 15.63%, from 15.4% recorded in November 2021, after 8 months of consecutive decline. This is according to the consumer price index report released by the National Bureau of Statistics, (NBS). The nation�s inflation rate had been on a steady decline in the past 8 months since April 2021, moderating from the highs recorded in the previous year. However, the rate had just back-pedalled with a slight increase in December, 2021. Food inflation, which accounts for all volatile agricultural produce, increased by 0.16%…

Why we urgently need a Commodities Price Regulatory Agency to stem Nigeria�s galloping inflation

October 31, 2021October 31, 2021 Aminu Imam

By Aminu Imam Never has there been a time more than ever before in our nation’s economic history when there is an urgent need for the introduction, or rather re-introduction, of a price control mechanism like the Price Control Board by past governments decades ago. A simple general sampling of some major market prices across the various markets in the country of recent reveals that the price of commodities, from essential to non-essential, have been extremely irregular and unpredictable. The scenario is such that various categories of retailers, i.e. food…

Bread price may rise by 200% before December � Survey

October 28, 2021October 28, 2021 Aminu Imam

Prices of bread in some state may rise by 200 per cent before the end of the year, a survey has shown. Price has doubled since August through to October 2021, forcing the product out of reach of many families and lovers of bread. According to a reported survey conducted in Enugu, showed that the price may likely even jump further in November and December, if not controlled. The development has so far been blamed on incessant increases in the prices of baking materials, factory rent and wages, which had…

High cost of food items, others: “Our salaries can�t feed us anymore”, Nigerians workers lament

October 7, 2021October 7, 2021 Aminu Imam

Some Nigerian workers have lamented that the average Nigerian’s standard of living under President Muhammadu Buhari’s administration is steadily declining every day as prices of food continue to skyrocket daily. The current realities are forcing families into hunger, as an average Nigerian who could afford to feed three times in a day are now struggling to feed twice or less, because of the economic situation in the country. On a monthly basis, prices of food items appear to be increasing in major cities in Nigeria. For example, the prices of…

Cooking�oil,�bread,�noodles�rise�by�30%�-�Food�price�survey

September 9, 2021September 9, 2021 Aminu Imam

The prices of noodles, bread, and cooking oil (vegetable and palm oil) have risen between 20 and 30 percent in the last 12 months, a�food price survey of markets in six States has shown. According to the survey, published by an on-line journal, yesterday, which covered Lagos, Akwa Ibom, Abuja, Cross River, Nasarawa, and Ekiti States showed that the price of a litre of palm oil moved from N600 to N1, 000, while vegetable oil increased from N2000 a litre to N4,000 Also, the price of spaghetti rose by at least…

Nigeria�s inflation rate surges to 18.17% in March – NBS

April 16, 2021April 16, 2021 Aminu Imam

�Highest in over 4 yrs Nigeria’s Consumer Price Index, (CPI), which measures the rate of increase in the price of goods and services, increased to 18.17 percent in March 2021. This is according to the March 2021 consumer price index/inflation report released by the National Bureau of Statistics, (NBS), yesterday. This is 0.82 percent points higher than the rate recorded in February 2021 (17.33 %). The March figure is the highest since January 2017 when it climbed 18.72 %. The food inflation figure also increased by 1.16 % on a…

‘Nigeria records highest jump in food inflation since 2016’ – NBS

January 16, 2021January 16, 2021 Aminu Imam

Headline inflation in Nigeria rose to its highest in 37 months in December 2020, according to the latest consumer price index (CPI) report by the National Bureau of Statistics (NBS). The agency�s January 15, 2021 report showed that the CPI increased by 15.75% (year-on-year) at the end of last year which was especially affected by the COVID-19 pandemic. While this was 0.86% points higher than the 14.89% recorded in November 2020, the headline inflation only increased by 0.01% on a month-on-month basis, with 1.61% recorded. The CPI measures the average…