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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.
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]
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. ... of Abuja have ...
Days after hundreds of thousands of people took to the streets across Nigeria to protest against inflation and other economic hardships, clothing seller Michael Nwankwo is still counting the cost ...
Police fire tear gas during a protest against Nigeria's cost-of-living crisis in Abuja on Aug. 1, 2024. ... Nigeria remains one of the world’s poorest countries. ... The inflation rate is also ...
A CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically. Sub-indices and sub-sub-indices can be computed for different categories and sub-categories of goods and services, which are combined to produce the overall index with weights reflecting their shares in the total of the consumer expenditures covered by the ...
As of 2021, Nigeria held the position of being the world's sixth-largest producer of natural gas. [5] Due to external international forces, including the Russian invasion of Ukraine and COVID-19, [ 6 ] and internal forces such as high oil subsidies, economic inefficiencies, and plunging oil prices, [ 7 ] Nigeria has sought the assistance of the ...