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Since 2009, Nigeria has been laying new railway tracks. These are operated by the state-owned Nigerian Railway Corporation. This has apparently generated a surplus since 2019, despite the covid epidemic. Principal ports are at Lagos (Apapa and Tin Can Island), Port Harcourt (Onne), and Calabar. A deep seaport in Lekki, 50 km east of Lagos, is ...
The latest government statistics released Thursday showed the inflation rate in January rose to 29.9%, its highest since 1996, mainly driven by food and non-alcoholic beverages.
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 ...
In March 2024, Nigeria's food inflation rate reached 40.01% year-on-year, driven by currency depreciation, supply chain disruptions, and rising agricultural input costs. Essential food items like garri, millet, and yam tubers saw significant price hikes. This inflation exacerbates food insecurity and reduces household purchasing power. [52]
During the mid and late 1980's, Nigeria experienced a prolonged and severe economic downturn. Nigeria suffered a rapid plummet of its foreign reserves from $10 billion in early 1980s to approximately $1 billion in the mid 1980s due to overvalued currency, inflated imports, and international decline of oil prices. [4]
Today’s inflation report shows that real weekly wages are now down 4.4% and prices are up 19.9% since Biden took office. That’s Bidenomics! — GOP (@GOP) May 15, 2024
On a monthly basis, the broadest measure of inflation rose at a pace of 1.3%, inching up from 1% in May and climbing at a faster tempo than the 1.1% climb economists had projected. This marked the ...
Higher energy costs caused the inflation to rise further in 2022, [137] peaking at 9.1%, a high not seen since 1981. [1] The housing shortage has been cited as a major factor in inflation in the US, [ 47 ] [ 48 ] [ 49 ] with Katy O'Donnell of Politico arguing that housing shortages were the single biggest contributor to inflation. [ 50 ]