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NIGERIA’S INFLATION RATE

Nigeria’s inflation rises to a 17-year-high of 20.52% in August

by Radarr Africa September 16, 2022

written by Radarr Africa

Nigeria’s inflation rate surged to 20.52% in August, according to the National Bureau of Statistics consumer price index (CPI) report for August 2022, released on Thursday.

The consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 20.52 percent in August 2022, up from 19.64 percent in the previous month.

The rate is the highest since October 2005.

According to NBS, the rate was 3.52 percent higher than the 17.01 percent recorded in August 2021.

According to the report, increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.

“On a month-on-month basis, the headline inflation rate in August 2022 was 1.77 percent, this was 0.05 percent lower than the rate recorded in July 2022 (1.82 percent). This means that in August 2022 the headline inflation rate (month–on–month basis) declined by 0.05 percent,” the report reads.

“The percentage change in the average CPI for the twelve months period ending August 2022 over the average of the CPI for the previous twelve months period was 17.07 percent, showing a 0.47 percent increase compared to 16.60 percent recorded in August 2021.”

The report added that food inflation rose to 23.12 percent in August 2022 on a year-on-year basis, representing a 2.82 percent increase when compared to 20.30 percent in August 2021.

“This rise in the food inflation was caused by increases in prices of bread and cereals, food products like potatoes, yam and other tubers, fish, meat, oil and fat,” it added.

“On a month-on-month basis, the food inflation rate in August was 1.98 percent, this was a 0.07 percent decline compared to the rate recorded in July 2022 (2.04 percent).

“This decline is attributed to the reduction in prices of some food items like tubers, garri, local rice and vegetables.

“The average annual rate of food inflation for the twelve-month period ending August 2022 over the previous twelve-month average was 19.02 percent, which was a 1.48 percent decline from the average annual rate of change recorded in August 2021 (20.50 percent).”

The report further analysed price movements for states, Anambra and Ondo were the highest.

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“In August 2022, food inflation on a year-on-year basis was highest in Kwara (30.80 percent), Ebonyi (28.06 percent) and Rivers (27.64 percent), while Jigawa (17.77 percent), Zamfara (18.79 percent) and Oyo (19.80 percent) recorded the slowest rise on year-on-year food inflation.

“On a month-on-month basis, however, August 2022 food inflation was highest in Anambra (3.05 percent), Ondo (2.92 percent) and Bauchi (2.78 percent), while Yobe (0.46 percent), Oyo (0.89 percent) and Delta (0.94 percent) recorded the slowest rise on month-on-month inflation.”

Source: TheCable

September 16, 2022 0 comment

Africa AFRICA NEWS Economy News Nigeria Trending Today Western Africa

Nigeria’s Inflation surges to 19.64%, the highest since 2005

by Radarr Africa August 15, 2022

written by Radarr Africa

Nigeria’s inflation rate in the month of July 2022 rose to a 17-year high of 19.64%. This compares to 18.6% recorded in the previous month of June 2022.

The latest inflation data is according to the recently released Consumer Price Index (CPI) report for the month of July 2022, by the National Bureau of Statistics (NBS).

The last time Nigeria’s inflation was above 19.64% was in September 2005 when it rose to 24.32%. This is according to Nairalytics, a web portal that publishes Nigeria’s historical macroeconomic data. Notably, the uptick in the inflation rate was driven by increases in the food and core index.

Food inflation accelerated to 22.02% from 20.6% recorded in June 2022. According to the NBS, the rise in food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tubers, meat, fish, oil, and fat.

In the same vein, the core inflation, which excludes the prices of volatile agricultural produce increased to 16.26% in the month of July 2022, from 15.75% recorded in the previous month.

The highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, Garments, Cleaning, Repair and Hire of clothing.

Source: Nairametrics

August 15, 2022 0 comment

Africa Business and Economy Western Africa

Nigeria’s inflation overshoots World Bank projection by 20%

by Radarr Africa July 18, 2022

written by Radarr Africa

Nigeria’s inflation rate is now 20 per cent above the World Bank’s projection of 15.5 per cent.

In its recent ‘Nigeria Development Update (June 2022): The Continuing Urgency of Business Unusual,’ the global bank projected that Nigeria’s inflation rate was going to be higher than it had anticipated and would hit 15.5 per cent.

The latest inflation figure from the National Bureau of Statistics, released on Friday, showed that the nation’s inflation rose to 18.60 per cent in June, the highest since January 2017 when it was 18.72 per cent.

The NBS said, “In June 2022, the inflation rate increased to 18.60 per cent on a year-on-year basis. This is 0.84 per cent points higher compared to the rate recorded in June 2021, which is 17.75 per cent.

“This means that the headline inflation rate increased in the month of June 2022 when compared to the same month in the previous year (i.e., June 2021). Increases were recorded in all COICOP divisions that yielded the Headline index.

“On a month-on-month basis, the headline inflation rate increased to 1.82 per cent in June 2022, this is 0.03 per cent higher than the rate recorded in May 2022 (1.78 per cent).”

According to the statistics body, urban inflation rose to 19.09 per cent and rural inflation hit 18.13 per cent in June 2022. This is despite the recent interest rate increase by the Central Bank of Nigeria.

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In May, the CBN raised the nation’s interest rate from 11.5 per cent to 13 per cent in a bid to address inflation in the nation. The CBN Governor, Godwin Emefiele, disclosed that the Monetary Policy Committee had to increase the monetary policy rate by 150 basis points to prevent inflation.

He said, “Six members voted to raise the MPR by 150 basis points, four members’ by 100 basis points and one member, by 50 basis points.

“Members expressed deep concern about the continued uptrend of inflationary pressure in spite of the gradual improvement in output growth.

“Committee notes that the current rise in inflation is inimical to growth and the full recovery of the Nigerian economy.”

According to the World Bank, rising inflation will push millions of Nigerians into poverty in 2022.

Source: Punch

July 18, 2022 0 comment

Africa Business and Economy News Nigeria Western Africa

Nigeria’s Inflation rate rises to 18.6% in June

by Radarr Africa July 15, 2022

written by Radarr Africa

The National Bureau of Statistics on Friday revealed that the nation’s headline inflation rate increased to 18.60 per cent in June, up from 17.71 per cent in the previous month.

The latest figure is the highest level since January 2017.

The NBS said this in its consumer price index (CPI) report which measures the rate of change in prices of goods and services in the country.

In May 2022 inflation figure stood at 17.71 percent.

June 2022 inflation figure represents a 0.84 percent points higher compared to June 2021, which is 17.75 percent.

NBS in its report noted that there were increases recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.

“On a month-on-month basis, the headline inflation rate increased to 1.82 percent in June 2022, this is 0.03 percent higher than the rate recorded in May 2022 (1.78 percent),” the report reads.

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The percentage change in the average composite CPI for the twelve months ending June 2022 over the average of the CPI for the previous twelve months period is 16.54 percent, showing a 0.62 percent increase compared to 15.93 percent recorded in June 2021.”

The report added that food inflation rose to 20.60 percent in June 2022 on a year-on-year basis but the rate of changes in average price level declined by 1.23 percent when compared to 21.83 percent in June 2021.

The report further explained that the rate of changes in food prices compared to the same period last year was higher due to higher food prices volatility caused by COVID 19.

“This rise in the food index was caused by increases in prices of bread and cereals, food products n.e.c, Potatoes, yam, and other tubers, meat, fish, oil and fat, and wine,” it added.

On a month-on-month basis, the food sub-index increased to 2.05 percent in June 2022, up by 0.03 percent points from 2.01 percent recorded in May 2022.”

In analysing price movements for states, the report said Bauchi and Kogi state were the highest.

“In June 2022, all items inflation on a year-on-year basis was highest in Bauchi (21.99 percent), Kogi (21.37 percent), Ebonyi (20.73 percent) while Adamawa (16.14 percent), Sokoto (16.31 percent) and Jigawa (16.37 percent) recorded the slowest rise in headline year-on-year inflation,” it said.

“On a month-on-month basis, however, June 2022, recorded the highest increases in Kogi (2.69 percent), Ondo (2.65 percent), and Kaduna (2.61 percent), while Adamawa (-0.26 percent), Abuja (-.0.03 percent) and Sokoto (0.79 percent) recorded the slowest rise on month-on-month inflation.”

Source: Ripples Nigeria

July 15, 2022 0 comment