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Nigeria's goal under the National Economic Empowerment Development Strategy (NEEDS) program is to reduce inflation to the single digits. [57] By 2015, Nigeria's inflation stood at 9%. In 2005, the federal government had expenditures of US$13.54 billion but revenues of only US$12.86 billion, resulting in a budget deficit of 5%.
In June 2022, under the leadership of IMF's Mission Chief in Nigeria, Jesmin Rahman, convened several meetings assessing the present condition of the Nigerian economy following COVID-19, the 2020 RFI loan, and the repercussions of the Russia-Ukraine war. [10] In May 2022, inflation grew to 17.7 percent, creating new economic and social concerns ...
For example, a sudden decrease in the supply of oil, leading to increased oil prices, can cause cost-push inflation. Producers for whom oil is a part of their costs could then pass this on to consumers in the form of increased prices. [83] Inflation expectations play a major role in forming actual inflation. High inflation can prompt employees ...
ABUJA, Nigeria (AP) — Nigerians are facing one of the West African nation’s worst economic crises in years triggered by surging inflation, the result of monetary policies that have pushed the ...
What caused inflation in 2022? A major cause of inflation in 2022 was the supply chain issues caused by the COVID-19 pandemic -- as goods became scarce, prices went up in response to continued demand.
ABUJA, Nigeria (AP) — Nigerians are facing one of the West African nation’s worst economic crises in years triggered by surging inflation, the result of monetary policies that have pushed the ...
World map by inflation rate (consumer prices), 2023, according to World Bank This is the list of countries by inflation rate. The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1. Inflation rate is defined as the annual percent change in consumer prices compared with the previous year's consumer prices. Inflation is a positive value ...
This is why everyone is taking about it these days. The post What is inflation and what causes it? appeared first on In The Know.