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Tag: Nigeria’s inflation

  • Nigeria’s Inflation Rises To 22.79% In June

    Nigeria’s Inflation Rises To 22.79% In June

    Nigeria’s Consumer Price Index (CPI) rose to 22.79% in June from the 22.41% recoded in May 2023.

    This is according to the latest CPI report released by the National Bureau of Statistic (NBS) on Monday.

    The CPI measures the rate of change in prices of goods and services.

    “In June 2023, the headline inflation rate rose to 22.79% relative to May 2023 headline inflation rate which was 22.41%. Looking at the movement, the June 2023 Headline inflation rate showed an increase of 0.38% points when compared to May 2023 headline inflation rate,” the Bureau stated.

    The report also showed that food inflation spiked to 25.25% on a year-on-year basis which is higher than the 20.60% recorded in June 2022.

    For the month under review, food prices rose to 2.40%, which is 0.21% points higher compared to the rate recorded in May 2023.

    The year-on-year basis rate showed a 4.19% higher compared to the 18.60% rate recorded in June 2022.

    “On a year-on-year basis, the Headline inflation rate was 4.19% points higher compared to the rate recorded in June 2022, which was 18.60%. This shows that the Headline inflation rate (year-on-year basis) increased in June 2023 when compared to the same month in the preceding year (i.e., June 2022).”

  • Nigeria’s Inflation Rate Hits 22.41% As Price Of Goods Increase

    Nigeria’s Inflation Rate Hits 22.41% As Price Of Goods Increase

    Nigeria’s inflation has risen to 22.41%, a new record high of close to two decades.

    A report released by the National Bureau of Statistics on Thursday, June 15, showed that the consumer price index (CPI) which measures the rate of change in prices of goods and services had a 0.19 percentage point increase from the 22.22 per cent recorded in April, when inflation rose to a new 18-year record high.

    The year-on-year inflation rose by 4.70 per cent from the 17.71 per cent it was in May 2022. The report read;

    “In May 2023, the headline inflation rate increased to 22.41 per cent relative to April 2023 headline inflation rate which was 22.22 per cent.

    “Looking at the movement, the May 2023 inflation rate showed an increase of 0.19 per cent points when compared to April 2023 headline inflation rate. Similarly, on a year-on-year basis, the headline inflation rate was 4.70 per cent points higher compared to the rate recorded in May 2022, which was (17.71per cent).”

    According to the NBS, the average prices of goods rose by 0.03 per cent. It also stated that the percentage change in the average CPI for the twelve months period ending May 2023 over the average of the CPI for the previous twelve months period was 21.20 per cent, showing a 4.75 per cent increase compared to 16.45 per cent recorded in May 2022.

    Food inflation rate in May 2023 was 24.82 percent on a year-on-year basis. This is 5.33 percent points higher compared to what was recorded in May 2022 (19.50 percent).

    The NBS said the rise in food inflation was caused by increases in prices of oil and fat, yam and other tubers, bread and cereals, fish, potatoes, fruits, meat, vegetable, spirit.

    The report added;

    “On a month-on-month basis, the food inflation rate in May 2023, was 2.19 percent, this was 0.06 percent higher compared to the rate recorded in April 2023 (2.13 perecent).

    “The average annual rate of food inflation for the twelve-months ending May 2023 over the previous twelve-month average was 23.65 percent, which was 4.97 percent points increase from the average annual rate of change recorded in May 2022 (18.68 percent).

    “On a year-on-year basis food inflation was highest in Ondo (25.84 percent), Kogi (25.70 percent), Rivers (25.02 percent); while Taraba (19.55 percent), Sokoto (19.56 percent), and Plateau (19.89 percent) recorded the slowest rise in headline inflation.”

  • Nigeria’s Inflation Rate Hit 22.04% in March – NBS

    Nigeria’s Inflation Rate Hit 22.04% in March – NBS

    The National Bureau of Statistics says Nigeria’s headline inflation rate increased to 22.04 per cent on a year-on-year basis in March 2023.

    This is according to the NBS Consumer Price Index and Inflation Report for March 2023 released in Abuja on Monday.

    According to the report, the figure is 0.13 per cent points higher compared to the 21.91 per cent recorded in February 2023.

    It said on a year-on-year basis, the headline inflation rate in March 2023 was 6.13 per cent higher than the rate recorded in March 2022 at 15.92 per cent.

    “This shows that the headline inflation rate (year-on-year basis) increased in March 2023 when compared to the same period in March 2022.”

    The report said the contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages at 11.42 per cent and housing, water, electricity, gas and other fuel at 3.69 per cent.

    Others are clothing and footwear at .69 per cent; transport at 1.43 per cent; furnishings, household equipment and maintenance at 1.11 per cent and education at 0.87 per cent and health at 0.66 per cent.

    “Miscellaneous goods and services at 0.37 per cent; restaurant and hotels at 0.27 per cent; alcoholic beverage, tobacco and kola at 0.24 per cent; recreation and culture at 0.15 per cent and communication at 0.15 per cent.”

    It said the percentage change in the All-Items Index in March 2023 was 1.86 per cent on a month-on-month basis.

    “This indicates a 0.15 per cent increase compared to the 1.71 per cent recorded in February 2023.

    ”This means that in March 2023, on average, the general price level was 0.15 per cent higher relative to February 2023.”

    The percentage change in the average CPI for the 12 months ending March 2023 over the average of the CPI for the previous 12 months period was 20.37 per cent.

    “This indicates a 3.83 per cent increase compared to the 16.54 per cent recorded in March 2022.”

    It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

    The report said the food inflation rate in March 2023 was 24.45 per cent on a year-on-year basis, which was 7.25 per cent higher compared to the rate recorded in March 2022 at 17.20 per cent.

    “The rise in food inflation is caused by increases in prices of bread and cereals, potatoes, yams and other tubers, and oil and fat, fish, vegetable, fruits, meat, and spirits.”

    It said on a month-on-month basis, the food inflation rate in March was 2.07 per cent, which was a 0.16 per cent rise compared to the rate recorded in February 2023 at 1.90 per cent.

    The report said the “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 19.86 per cent in March 2023 on a year-on-year basis.

    “This increased by 5.94 per cent compared to 13.91 per cent recorded in March 2022.”

    “On a month-on-month basis, the core inflation rate was 1.84 per cent in March 2023, which was a 0.78 per cent rise compared to what it stood at in February 2023 at 1.06 per cent.”

    According to the report, the highest increases were recorded in prices of gas, passenger transport by Air, liquid fuel, fuels, lubricants for Personal transport equipment, and vehicles spare parts.

    “Others are maintenance and repair of personal transport equipment and solid fuel, medical services, and passenger transport by road, among others.

    “The average 12-month annual inflation rate was 17.41 per cent for the 12 months ending March 2023, this was 3.85 per cent points higher than the 13.56 per cent recorded in March 2022.”

    The report said on a year-on-year basis in March 2023, that the urban inflation rate was 23.07 per cent, which was 6.63 per cent higher compared to the 16.44 per cent recorded in March 2022.

    “On a month-on-month basis, the urban inflation rate was 2.00 per cent in March 2023, representing a 0.15 per cent rise compared to February 2023 at 1.85 per cent.”

    It said the corresponding 12-month average for the urban inflation rate was 21.00 per cent in March 2023.

    “This was 3.90 per cent higher compared to the 17.10 per cent reported in March 2022.”

    The report said on a year-on-year basis in March 2023, the rural inflation rate was 21.09 per cent, which was 5.67 per cent higher compared to the 15.42 per cent recorded in March 2022.

  • Nigeria’s inflation hits 21.82% Despite CBN Cashless Policy

    Nigeria’s inflation hits 21.82% Despite CBN Cashless Policy

    Nigeria’s January inflation figure rose from 21.34 per cent in December to 21.82 per cent in January, according to National Bureau of Statistics, NBS recent data.

    The January 2023 inflation rate showed an increase of 0.47% points when compared to December 2022 inflation rate.

    However, on a year-on-year basis, the headline inflation rate was 6.22% points higher compared to the rate recorded in January 2022, which was 15.60%. The data showed that the headline inflation rate (year-on-year basis) increased in January 2023 compared to the same month in the preceding year (i.e., January 2022).

    The contributions of items on a class basis to the increase in the headline index are Bread and Cereal (21.67%), Actual and Imputed Rent (7.74%), Potatoes, Yam and Tuber (6.06%), Vegetable (5.44%), and Meat (4.78%).

    On a month-on-month basis, the percentage change in the All-Items Index in January 2023 was 1.87%, which was 0.15% points higher than the rate recorded in December 2022 (1.71%).

    According to the figure, on average, the general price level was 0.15% higher relative to December 2022. The percentage change in the average CPI for the twelve months ending January 2023 over the average for the previous twelve months was 19.36%, showing a 2.49% increase compared to 16.87% recorded in January 2022.

  • Nigeria’s Inflation Rate Drops To 21.34% In Dec 2022

    Nigeria’s Inflation Rate Drops To 21.34% In Dec 2022

    Nigeria’s inflation rate eased to 21.34% in December 2022 from 21.47% in November 2022, first drop in about 11 months.

    The National Bureau of Statistics (NBS) in its latest inflation report showed a decline of 0.13% between November and December.

    “In December 2022, the headline inflation rate eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%,” the NBS report partly read.

    “Looking at the trend, December 2022 inflation rate showed a decline of 0.13% when compared to November 2022 inflation rate.

    “However, on a year-on-year basis, the headline inflation rate was 5.72% points higher compared to the rate recorded in December 2021, which was (15.63%). This shows that the headline inflation rate increased in the month of December 2022 when compared to the same month in the preceding year (i.e., December 2021).

    “On a month-on-month basis, the percentage change in the All Items Index in December 2022 was 1.71%, which was 0.32% higher than the rate recorded in November 2022 (1.39%). This means that in the month of December 2022, the general price level was 0.32% higher relative to November 2022.

    “The percentage change in the average CPI for the twelve months ending December 2022 over the average of the CPI for the previous twelve months period was 18.85%, showing 1.89% increase compared to the 16.95% recorded in December 2021.”

  • 2023: Inflation, unemployment rate to increase – Report

    2023: Inflation, unemployment rate to increase – Report

    A report by Money Africa has said that Nigerians need to get out of bad debts to survive the financial challenges in 2023.

    It noted that the residual effect of the pandemic, Russian Ukraine war and high inflation had affected the finances of Nigerians and led to loaning from every means possible to survive.

    In the report titled ‘2023 optimism: Making the best of a potentially challenging year’, it said that in Nigeria, the elections were going to be pivotal to how the year would turn out.

    Regardless, the problem of slow growth, high inflation and high unemployment would persist, it stated.

    These problems could be worsened by the phasing out of petrol subsidies and a sustained depreciation of the currency unless oil exports recover strongly.

    While advising Nigeria to avoid debts, it stated, “There are two types of debts: Good debt and bad debt. You need to let go of bad debt on consumables (debt that has no future value) and gravitate towards good debt. A good debt bears fruit in the future.

    “Be less aggressive with non-conventional and high-risk investments. Less than five of your portfolio should be embedded in high-risk assets. The argument here is that, if the investment goes to zero, your portfolio is still standing firm.”

    Advising Nigerians to focus on the things within its control, it stated, “You can not change the inflation rate. You cannot stop the Naira depreciation. They are out of your control, so you will do well to rather focus on what you can impact.”

    According to the report, in a bid to fight the low tolerance for inflation, the central banks of countries raised interest rates. This had the greatest impact on personal finances since 2008/2009. Many economies slowed down, prompting fears about a recession which also led to job losses. Higher interest rates also led to a reduction in personal wealth as assets people invested in—bonds, real estate, stocks and cryptocurrencies—lost a lot of value.

    The report added that to mitigate emergencies individuals must invest in insurance.

    It stated, “We did a quick survey asking people what their emergencies were and we realised they were primarily health emergencies, losing jobs and having an automobile accident.

    “You can mitigate health emergencies by getting a health insurance plan, so you do not spend out of pocket. We understand how painful losing jobs can be; so, we recommend skilling up aggressively and being visible on platforms such as LinkedIn and others. For automobile accidents, we recommend getting a comprehensive insurance plan (not a third party plan), so it covers everything.”

    The report explained that money and the mind were critical conversations individuals should constantly have.

    It stated, “Your mindset about money has been formed since age seven. So, you need to unlearn things that do not serve you and embrace the things that give you joy. Do you have a fund for enjoyment? Are you writing out your big dreams that can give birth to more opportunities? What steps are you taking to bring it to fruition?”

  • Nigeria’s inflation hits 21.09% in October

    Nigeria’s inflation hits 21.09% in October

    Nigeria’s inflation rate jumped to a 17-year high of 21.09% in October 2022, representing a 0.32% point increase from 20.77% recorded last month.

    This is coming as food inflation in October 2022 increased to 23.72% from 18.34% in the corresponding Month last year.

    The National Bureau of Statistics, NBS, Consumer Price Index, CPI report.

    According to the report, food inflation also sharply rose to 23.72% in the Month under review from 23.34% in the prior Month, while the core inflation rate jumped to 17.76% from 17.6% recorded in September 2022.

    “In October 2022, on a year–on–year basis, the headline inflation rate was 21.09%. This was 5.09% points higher compared to the rate recorded in October 2021, which was 15.99%. This shows that the general price level for the headline inflation rate increased in October 2022 compared to the same Month in the preceding year (i.e., October 2021) by 5.09%.

    “On a month-on-month basis, the Headline inflation rate for October 2022 was 1.24%, this was 0.11% lower than the rate recorded in September 2022 (1.36%). This means that in October 2022 the general price level for the headline inflation rate (Month–on–month basis) declined by 0.11%.

    “The percentage change in the average CPI for the twelve months ending October 2022 over the average for the previous twelve months period was 17.86%, showing a 0.91% increase compared to the 16.96% recorded in October 2021,” the report said.

    According to NBS the likely factors for the increase on a year-on-year basis are: Disruption in the supply of food products, increase in the cost of importation due to the persistent currency depreciation and A general rise in the price of production e.g increase in energy cost.

    Also, NBS stated that in October 2022, the inflation rate on all items on a year-on-year basis was highest in Kogi (25.15%), Bauchi (23.45%), Ondo (23.45%), while Plateau (19.02%), Borno (19.31%) and Nasarawa (19.39%) scored the slowest rise in headline Year-on-Year inflation.

    On a month-on-month basis, however, October 2022 recorded the highest increases in Abuja (3.18%), Kebbi (2.80%), Sokoto (2.57%), while Kwara (-0.14%), Kogi (0.06%) and Oyo (0.30%) recorded the slowest rise on month-on-month inflation.

    Food Inflation

    The food inflation rate in October 2022 was 23.72% on a year-on-year basis; which was 5.39% higher than the rate recorded in October 2021 (18.34%).

    NBS attributed the rise in food inflation to an increase in the price of cereals and bread, potatoes, yams, and other food items.

    In October month-on-Month basis food inflation stood at 1.23%, a 0.21% decline compared to the rate recorded in September 2022 (1.43%). This decline was attributed to decreased prices of selected food such as beans, tubers, palm oil and vegetables.

  • BREAKING: Inflation Hits 20.77%, Highest in 17 Years

    BREAKING: Inflation Hits 20.77%, Highest in 17 Years

    The Consumer Price Index (CPI) which measures the rate of change in prices of goods rose to 20.77 per cent year–on-year in September compared to 16.63 per cent in September 2021, the National Bureau of Statistics (NBS) stated Monday.

    The NBS noted that the 4.14 percentage rise in the headline index, the highest in 17 years, indicated that the general price level was higher relative to the preceding year.

    The food inflation rate increased by 3.77 per cent to 23.34 per cent year-on-year compared to 19.57 per cent in the preceding year.

    According to the statistical agency, the rise in food index was caused by increases in prices of bread and cereals, food products, potatoes, yam, and other tuber, oil, and fat.

    The core index, which excludes the prices of volatile agricultural produce, also rose by 3.86 per cent to 17.60 per cent year-on-year in September compared to 13.74 per cent in the corresponding month in 2021.

    Details later…

  • Nigeria’s Inflation Rate Hits Five-Year High At 18.60%

    Nigeria’s Inflation Rate Hits Five-Year High At 18.60%

    The consumer price index (CPI), which measures the rate of change in prices of goods and services, hit a five-year record high leapfrogging from 17.71 per cent in May to 18.60 per cent in June 2022.

    The National Bureau of Statistics (NBS) disclosed this in its consumer price index (CPI) report for June 2022, released on Friday.

    Also detailed in the report, were recorded increases 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 per cent in June 2022, this is 0.03 per cent higher than the rate recorded in May 2022 (1.78 per cent),” the report reads.

    The report also revealed that “in the month of June 2022, the urban inflation rate increased to 19.09 per cent (year-on-year); this is a 0.74 per cent increase compared to 18.35 per cent recorded in June 2021.”

    It also said that on a month-on-month basis, the urban inflation rate rose to 1.82 per cent in June 2022, this is a 0.01 per cent increase compared to May 2022 (1.81 per cent).

    The composite food index experienced a similar increase rising to 20.60 per cent in June 2022 on a year-on-year basis; the rate of changes in average price level declined by 1.23 per cent compared to 21.83 per cent in June 2021.

    The rate of changes in food prices compared to the same period last year
    was higher due to higher foods prices volatility caused by COVID 19. This rise in the food index was caused by increases in the prices of Bread and cereals,

    Food products n.e.c, Potatoes, yam, and other tubers, Meat, Fish, Oil and fat, and Wine. On a month-on-month basis, the food sub-index increased to 2.05 per cent in June 2022, up by 0.03 per cent points from 2.01 per cent recorded in May 2022.

    The average annual rate of change of the Food sub-index for the twelve-month period ending June 2022 over the previous twelve-month average is 18.62 per cent, which is 1.10 per cent points decline from the average annual rate of change recorded in June 2021 (19.72 per cent).

    In June 2022, food inflation on a year-on-year basis was highest in Kwara (25.62%), Kogi (24.81%), and River (24.34%), while Jigawa (16.01%), Sokoto (16.24%) and Kaduna (17.75%) recorded the slowest rise in year-on-year food inflation.

    On a month-on-month basis, however, in June 2022 food inflation was highest in Ebonyi(3.52%), Bayelsa (3.27%), and Ondo (3.25%), while Sokoto (0.11%), Taraba (0.94%) and Adamawa (1.22%) recorded the slowest rise on month-on-month inflation.

  • Nigeria’s Inflation Rate Hits 15.92% As Food, Gas Prices Rise

    Nigeria’s Inflation Rate Hits 15.92% As Food, Gas Prices Rise

    The Consumer Price Index (CPI) which measures inflation increased to 15.92 per cent on a year-on-year basis in March 2022.

    The National Bureau of Statistics (NBS) disclosed this on Friday in its latest report titled ‘Consumer Price Index March 2022’.

    It explained that the percentage reported was 2.25 per cent points lower compared to the 18.17 per cent rate recorded in March last year.

    This means that the headline inflation rate slowed down in March 2022 when compared to the same month in the previous year, while increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

    “On month-on-month basis, the Headline Index increased to 1.74 per cent in March 2022, this is 0.11 percent points higher than the rate recorded in February 2022 (1.63 per cent),” said the report. “The percentage change in the average composite CPI for the 12 months period ending March 2022 over the average previous 12 months period is 16.54 per cent – this shows 0.19 per cent points decrease compared to 16.73 per cent recorded in February 2022.

    “The Urban Inflation rate increased to 16.44 per cent year-on-year in March 2022, showing a decline of 2.32 per cent points from the rate recorded in March 2021 (18.76 per cent). In the same vein, the Rural Inflation increased to 15.42 per cent in March 2022 with a decrease of 2.18 per cent points from 17.60 per cent recorded in March 2021.

    “On a month-on-month basis, the Urban Index rose to 1.76 per cent in March 2022 – this was up by 0.11 per cent points from the rate recorded in February 2022 (1.65 per cent). The Rural Index rose to 1.73 per cent in March 2022, with 0.12 per cent point increase from 1.61 per cent recorded in February 2022.”

    According to the NBS, the corresponding 12-month year-on-year average percentage change for the urban index was 17.10 per cent in March 2022.

    It said the figure was lower than the 17.29 per cent reported in February 2022, while the corresponding rural inflation rate in March 2022 stood at 16.00 per cent compared to 16.18 per cent recorded in February 2022.

    Similarly, the composite food index rose to 17.20 per cent in March 2022 compared to 22.95 per cent recorded in March the previous year.

    The agency blamed the rise in the food index on increases in prices of bread and cereals, food products, potatoes, yam and other tubers, fish, meat, oil and fat.

    “On month-on-month basis, the food sub-index increased to 1.99 per cent in March 2022 – this was up by 0.12 per cent points from 1.87 per cent points recorded in February 2022.

    “The average annual rate of change of the Food sub-index for the 12-month period ending March 2022 over the previous 12-month average was 19.21 per cent, 0.48 per cent points decrease from the average annual rate of change recorded in February 2022 (19.69 per cent).”

    On the ‘all items less farm produce’ or core inflation, which excludes the prices of volatile agricultural produce, NBS said 13.91 per cent was recorded in March 2022, up by 1.24 per cent points when compared to the 12.67 per cent recorded in March 2021.

    The highest increases were recorded in prices of gas, garments, cleaning, repair and hire of clothing, shoes and other footwears, clothing materials, other articles of clothing and clothing accessories, liquid fuel, fuels and lubricants for personal transport equipment and other services in respect of personal transport equipment.