Nigeria’s headline inflation rate rose to a 17-year high of 22.79 per cent last month as against 22.41 per cent in the previous month. The accelerated increase is for the sixth consecutive time, according to data by the National Bureau of Statistics (NBS) released Monday. The NBS report read: “In June 2023, the Headline inflation rate rose to 22.79 per cent …

The Bank of America has said the Monetary Policy Committee of the Central Bank may need to increase interest rates by at least 700 basis points before the end of the year to curb inflation. In an interview with Bloomberg on Monday, the bank’s sub-Saharan Africa Economist, Tatonga Rusike, said the hike was necessary to tackle soaring inflation occasioned by …

Nigeria’s inflation has risen to 22.41 per cent, according to a new figure by the National Bureau of Statistics (NBS). This was disclosed in the Consumer Price Index Report released on Thursday. The NBS report showed that in May 2023, the headline inflation rate increased to 22.41 per cent relative to April 2023’s headline inflation rate, which was 22.22 per …

The National Bureau of Statistics (NBS) has reported that Nigeria’s headline inflation rate increased to 22.04 percent on a year-on-year basis in March, this year. According to the Consumer Price Index (CPI) and Inflation Report of the NBS for March 2023, which were released in Abuja on Monday, the figure is 0.13 percent points higher compared to the 21.91 percent …

The Consumer Price Index (CPI), which measures the rate of change in prices of goods and services, surged to 21.82 percent in January 2023, up from 21.34 percent in the previous month. The inflation rate data is contained the latest CPI report released on Wednesday by the National Bureau of Statistics (NBS). According to the NBS, the January 2023 inflation …

For the first time in 11 months, inflation dipped to 21.34 per cent in Nigeria, according to the National Bureau of Statistics (NBS). The inflation rate has been on a steady rise in from January to November, last year, but dropped to 21.34 per cent in December as against 21.47 per cent in November. The NBS report said that food inflation …

Nigeria’s inflation rate rose from 18.6 percent  to 19.64 percent within a month, according to the National Bureau of Statistics (NBS). The 1.82 percent leap is an all-time high in 17 years, which the bureau blamed on rising food prices and other Consumer Price Index (CPI). Also listed as contributors were the increases in the costs of gas and liquid/solid …

The Central Bank of Nigeria (CBN) on Tuesday raised the Monetary Policy Rate (MPR), through which interest rate is measured, from 13 percent to 14 percent, explaining that the measure is to control rising inflation. MPR is the baseline interest rate in an economy, around which other interest rates in an economy revolves. Last month, Nigeria’s inflation rate reached a five-year high …

Nigeria’s Gross Domestic Product grew by 3.11 per cent in the first quarter of 2022 as the economy continues to show resilience in the face of weak global outlook. In its GDP report released on Monday, the National Bureau of Statistics stated that the figure shows the sixth consecutive quarter of positive growth. The first quarter 2022 growth rate represented …