Tag Archives: Inflation

CBN hikes interest rate by 16.5 percent to curb Inflation

Worried by rising Inflation, the apex bank, Central Bank of Nigeria (CBN), has raised its benchmark interest rate, known as Monetary Policy Rate (MPR), for the fourth time in 2022 by 100 basis points to 16.5 percent. The announcement was made by the Governor of CBN  on Tuesday, after the two-day Monetary Policy Committee (MPC) meeting of the apex bank ...

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Real Inflation rate in Nigeria is 52 per cent- Don

A Professor of Applied Economics at Johns Hopkins University, Professor Steve H. Hanke, has argued that the actual inflation rate in Nigeria is worse than what is being reported by the National Bureau of Statistics. Based on Hanke’s Inflation Dashboard, the inflation rate in Nigeria is an eye-popping 52%, not the 20.8% official record reported for September 2022. Note that ...

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High cost of fuel causing rising rate of inflation- LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has stated that the high costs of aviation fuel contributed majorly to Nigeria’s inflation rate in the month of July 2022 which rose to a 17-year high of 19.64%. This was disclosed by LCCI DG, Dr Chinyere Almona in an interview with newsmen on Monday after the inflation report was released by ...

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Nigeria’s inflation rate rises to 17.71%

The National Bureau of Statistics (NBS) has said that Nigeria’s inflation rose to its highest level in 11 months, rising from 16.82% recorded in April 2022 to 17.71%. The consumer price index, which measures the rate of inflation rose by 17.71% year-on-year in May 2022, which is 0.89% points higher than the 16.82% recorded in the previous month (April 2022). ...

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Inflation rate increases to 15.70%, says NBS

The National Bureau of Statistics (NBS) has disclosed that the inflation rate rose from 15.60% in January 2022 to 15.70% in February 2022. The Statistician-General of the Federation, Dr. Simon Harry, who made the announcement to reporters Abuja, attributed the increase to soared fuel and gas prices. He said: “For the month of February 2022, the consumer price index (CPI) ...

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Inflation rate decreases to 15.60 per cent, says NBS

The National Bureau of Statistics (NBS) on Tuesday said that the inflation rate decreased from 15.63 per cent in December 2021 to 15.60 per cent in January 2022. The Statistician-General of the Federation, Dr. Simon Harry broke the news to reporters in Abuja. Giving the summary, he said: “In summary and in attempt to make a comparison between the January, ...

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NBS laments on rising inflation, says it makes many Nigerians poorer

NBS

The National Bureau of Statistics (NBS) says that a World Bank’s report which stated that not less than seven million Nigerians were thrown into poverty in 2020 due to rising inflation is true. The statement was made by Head, Public Affairs and International Relations, National Bureau of Statistics (NBS), Mr. Sunday Ichedi. According to him, rising inflation usually makes people ...

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Nigeria’s inflation rate decreases by 0.05 per cent

The National Bureau of Statistics (NBS) says Nigeria’s inflation rate stood at 18.12 per cent last month. According to its data entitled: “Consumer Price Index Report April 2021”, the rate is 0.05 per cent lower than the 18.17 per cent recorded the previous month. According to the document, “The Consumer Price (CPI), which measures inflation increased by 18.12 per cent ...

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Inflation rate hits 18.17 per cent in March 2021

The National Bureau of Statistics (NBS) has revealed that Inflation rate, has jumped to 18.17 per cent in March 2021. It was learnt the rate was 0.82 per cent higher than the 17.33 per rate of February 2021. Its data titled: “Consumer Price Index March 2021(Base Period December 2009=100)”. The document said: “The consumer price index, (CPI) which measures inflation ...

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Inflation rate increases by 0.86 per cent in February, says NBS

Nigerias-inflation-rate

The inflation rate in Nigeria increased in February by 0.86 per cent to 17.33 per cent from 16.47 per cent recorded in January. This was revealed by the b National Bureau of Statistics (NBS) in a Report. The NBS said this in its Consumer Price Index (CPI) report for February 2021 released on Tuesday in Abuja. The bureau added that ...

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