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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.
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.
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]
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 ...
Police fire tear gas during a protest against Nigeria's cost-of-living crisis in Abuja on Aug. 1, 2024. ... but there have been no executions in the country since 2016. ... The inflation rate 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. ... Nigeria’s ...
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]
Inflation measures how prices change for goods and services. When inflation is positive, or greater than 0.0, it means that prices have gone up for the same products or services. Cost of living ...