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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.
Police fire tear gas during a protest against Nigeria's cost-of-living crisis in Abuja on Aug. 1, 2024. ... The inflation rate is also at 28-year high and the local naira currency at record lows ...
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 ...
The Daily Times was a Nigerian newspaper with headquarters in Lagos.At its peak, in the 1970s, it was one of the most successful locally-owned businesses in Africa. [1]The paper went into decline after it was purchased by the government in 1975.
The inflation rate is most widely calculated by determining the movement or change in a price index, typically the consumer price index. [48] The inflation rate is the percentage change of a price index over time. The Retail Prices Index is also a measure of inflation that is commonly used in the United Kingdom. It is broader than the CPI and ...
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 ...
The Central Bank of Nigeria claimed that they attempted to control the annual inflation rate below 10%. In 2011, the CBN increased key interest rate six times, rising from 6.25% to 12%. On 31 January 2012, the CBN decided to maintain the key interest rate at 12%, in order to reduce the impact of inflation due to a reduction in fuel subsidies. [14]