A report by the National Bureau of Statistics (NBS), said the inflation figure fell from the 24.48% recorded in January following the rebasing of Nigeria’s Consumer Price Index (CPI). The update of the CPI made 2024 the base year for price increment instead of 2009 practised before. The new figure still falls short of the 15% targeted by the federal …

Economists say inflation is a persistent rise in prices. It happens when there’s too much money chasing too few goods. Inflation in Nigeria today has become a huge challenge, affecting businesses, consumers, and the overall economy. As inflation rates soar above acceptable thresholds, companies are navigating uncharted waters to stay afloat. Inflation is bad for everyone. It erodes the purchasing power of …

Nigeria’s imported food inflation surged to 42.29 per cent in November 2024, according to the Consumer Price Index report released by the National Bureau of Statistics (NBS). This represents a significant rise from 23.74 per cent recorded in November 2023, marking an 18.55 percentage point year-on-year increase. On a month-on-month basis, the inflation rate increased from 40.96 per cent in …

Nigeria’s headline inflation rate may drop by 25 basis points to 34.5 per cent in December 2024. In a report by Afrinvest Research on Saturday, this moderation is attributed to the high base year impact on the food inflation sub-basket and a further recovery in the exchange rate, with the naira expected to strengthen to below N1,600/$ levels. The National …

Nigeria’s annual inflation rate rose to 34.60 per cent in November from 33.88 per cent in October, the National Bureau of Statistics (NBS) said on Monday. This marks a continuation of the upward trend observed from September, when the nation recorded a reversal of a two-month decline. The statistics office said the November 2024 headline inflation rate showed an increase …

The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has defended the bank’s decision to raise the Monetary Policy Rate to 27.25 per cent, describing it as a necessary move to control inflation and curb excess money in circulation. This is according to a press statement from the apex bank on Sunday. Speaking during an address at …

The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to stop increasing the monetary policy rate and instead explore a monetary-fiscal option to bring down inflation. In a statement on Thursday, the Director General (DG) of MAN, Segun Ajayi-Kadir, said the recent hike in interest rate to 27.25 per cent would worsen the already …

Nigeria’s inflation narratives took a controversial twist yesterday as the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), gave its own figure contradicting that of the National Bureau of Statistics (NBS), by a wide margin. The NBS had released its Consumer Price Index (CPI), for June 2024 reporting that the headline inflation rate increased by 0.24 percentage …

Again, Nigeria’s inflation rate increased to 33.95 per cent for the month of May 2024, according to the latest data from the National Bureau of Statistics (NBS). This represents a month-over-month increase of 0.26 per cent points in the headline inflation rate from 33.69 per cent recorded in April, the NBS stated in the Consumer Price Index report released on …

The average price of imported food commodities to Nigeria rose to its highest level, reaching 34 per cent in one year between April 2023 and April 2024. This represents an increase of 200 basis points from 32 per cent recorded in March 2024, according to an analysis of the Consumer Price Index report released by the National Bureau of Statistics …