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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]
The post Nigeria’s currency has fallen to a record low as inflation surges. ... Thursday showed the inflation rate in January rose to 29.9%, its highest since 1996, mainly driven by food and non ...
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.
Nigeria is the most populous country in Africa; a residence for more than 206 million people. [1] Hunger is one of the major issues that affect the citizens. 40% (82 million people) of the citizens live below the International Poverty Line of $1.90 daily, whilst another 25% are vulnerable.
In May 2022, inflation grew to 17.7 percent, creating new economic and social concerns, particularly among the over 40 percent of the Nigerian population that live below the poverty line and face severe food insecurity. [10]
When the Bureau of Labor Statistics announced that food prices in April 2022 had increased by 10.8% year over year -- the largest 12-month percentage increase in more than 41 years -- it wasn't a...
Nigeria's inflation rate rose to 15.63 per cent in December 2021 compared to 15.40 per cent in November, the National Bureau of Statistics announced on January 17, 2022. The statistics office said the prices of goods and services, measured by the Consumer Price Index, increased by 15.63 per cent in December 2021 when compared to December 2020.
Food inflation ticks higher as egg, beef prices remain elevated. Brooke DiPalma. November 13, 2024 at 10:13 AM ... Dow, S&P 500, Nasdaq edge higher as inflation print keeps Fed rate cut on track.