Tag: inflation rate

  • Nigeria’s inflation rate  jumped to 28.20% in November – NBS

    Nigeria’s inflation rate jumped to 28.20% in November – NBS

    Nigeria’s headline inflation rate increased to 28.20 per cent in November from 27.33 per cent in October 2023, the National Bureau of Statistics (NBS)have said.

    The NBS made this known   in its November consumer price index report.

    The figure presents the Eleventh times’ hike in Nigeria’s inflation headline inflation rates in 2023.

    A s seen in the figures, inflation rate an increase of 0.87 per cent points compared to the October 2023 headline inflation rate.

    On a year-on-year basis, the headline inflation rate was 6.73 per cent points higher compared to the rate recorded in November 2022, which was 21.47 per cent.

    This shows that the headline inflation rate (year-on-year basis) increased in November 2023 compared to the same month in the preceding year (i.e., November 2022). Furthermore, on a month-on-month basis, the headline inflation rate in November 2023 was 2.09 per cent, 0.35 per cent higher than in October 2023 (1.73 per cent).

    The implication is that in November 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in October 2023.

    Also, the report indicated that the Food inflation rate in November 2023 was 32.84 per cent on a year-on-year basis, 8.72 per cent points higher than the rate recorded in November 2022 (24.13 per cent). The rise in food inflation on a year-on-year basis was caused by increases in the prices of Bread and cereals, Oil and fat, Potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables and Coffee, Tea and Cocoa.

  • Analysis: Why Nigerians choose struggling abroad with multiple jobs over unemployment

    Analysis: Why Nigerians choose struggling abroad with multiple jobs over unemployment

    In recent years, a growing number of Nigerians have been opting to leave their home country and seek opportunities abroad, even if it means taking on multiple and often menial jobs.

    The idea of a better life and greater economic opportunities abroad, often portrayed through social media and success stories of those who have emigrated, creates an illusion of instant wealth and success.

    With a severe unemployment crisis in the country and a prevailing lack of confidence in the Nigerian government’s ability to address critical issues, many qualified and talented individuals find themselves without gainful employment, leading them to seek greener pastures in other countries.

    However, former presidential aide and influential social media personality, Reno Omokri, has shed light on the challenging reality faced by many Nigerians living abroad who strive tirelessly to make ends meet.

    Omokri said that while some may perceive Nigerians in Canada, America, the UK, and continental Europe as living luxuriously, the truth is that many are working multiple jobs just to sustain the appearance of wealth they project.

    He said behind the facade of affluence, these individuals often find themselves struggling to keep up with financial commitments, leaving them with little time to relax or enjoy leisure activities.

    “If they miss three mortgage payments, banks WILL foreclose on their homes. They work themselves to the ground to make monthly payments for houses, cars, furniture, and health insurance. They can hardly relax. No time to just do nothing.

    “A lot of them have very little family or social interaction. The rat race takes the place of family. They have to pay through their noses for childcare because it is not like Nigeria, where your relatives and friends can watch your kids,” Omokri said.

    The former Presidential aide added that while Nigeria may not be perfect, it is important to recognize and value the quality of life and privileges being enjoyed in the country and strive to build a brighter future collectively.

    Drawing attention to the literary work, “The Lonely Londoners,” which provides a timeless depiction of life in the Western world, reflecting the struggles and sacrifices made by immigrants seeking a better life abroad, Omokri added: “We may not have a perfect life in Nigeria. But we have a good one!”

    However, a livestock farmer Ogungbesan Oluwafemi, shared his personal experience and struggles with running his business in Nigeria.

    Oluwafemi disclosed that since February 2023, he had lost over N7 million due to unfavourable government policies and emphasized the role of government in providing a conducive environment to encourage prosperity.

    He said many farmers in Nigeria were struggling with debts which had affected their physical and mental health.

    Many Nigerians are drawn to foreign labour markets that offer higher wages and better working conditions, even if it means working multiple jobs to sustain their livelihoods.

    A  life coach and business consultant Churchill Ikpawona, commended the Western world for providing opportunities for people to keep up to three jobs, which contrasts with the Nigerian reality where many struggle to find even one job.

    “If one person can have an opportunity to get three different jobs I think that’s a whole lot to commend the Western world about. We live in a country where you cannot even get one job,” Ikpawona said.

    He added that Nigerians travelling abroad are fully aware of the demanding work environment, yet they are willing to work hard for good salaries that match their efforts, whereas the Nigerian job market often offers inadequate wages and poor working conditions.

    Beyond financial considerations, some Nigerians opt for emigration in search of a better quality of life, which may include access to improved healthcare, education, and social services.

    In Nigeria, job opportunities do not keep pace with the rapidly growing population and Global consulting firm KPMG in a recent report titled “Global Economic Outlook” has projected Nigeria’s unemployment rate will surge from the current rate of 33.3 per cent to 40.6 per cent in 2023.

    KPMG attributes this worrisome trend to several factors, including limited investment by the private sector, sluggish industrialization, slower economic growth than required, and the economy’s inability to absorb the influx of 5 million new job seekers annually.

    Latest figures from the National Bureau of Statistics show that Nigeria’s annual inflation rate rose from 22.22 per cent in April to 22.79 per cent in June, representing an increase of 0.57 per cent.

    Additionally, the firm said the inflation rate is expected to remain above 20 per cent throughout 2023, just as “fuel subsidy removal and the 2023 Fiscal Bill are also expected to keep pressure on domestic prices in 2023”.

    As a result of these challenges, Nigeria’s Gross Domestic Product growth is projected to remain relatively slow at 3 per cent in 2023, primarily due to the usual slowdown in economic activity observed during periods of political transition in the country.

     

  • Egypt records highest inflation rate at 36.8 per cent

    Egypt records highest inflation rate at 36.8 per cent

    The inflation rate in Egypt has hit an all time high at 36.8 per cent in June.

    The North African country has been grappling with punishing economic crisis in recent times and it has pushed the inflation rate high up.

    The previous record of 34.2 per cent in July 2017 came, as it does now, following a sharp currency devaluation connected to a bailout loan from the International Monetary Fund.

    The Egyptian pound has lost half its value against the dollar since early last year, shooting prices upward and adding to the burden of families struggling to make ends meet in the import-dependent country.

    The latest figures, a rise of almost 37 per cent from June last year, also showed a two per cent month-on-month jump from May this year.

    Official data had shown skyrocketing inflation appearing to ease in the past few months, before food and drink prices alone registered a 64.9 per cent increase compared to June 2022, state statistics agency CAPMAS announced on Monday.

     

    The economic crisis has been worsened by Russia’s invasion of Ukraine last year, which destabilised crucial food imports.

    Even before, 30 per cent of Egyptians were living below the poverty line, according to the World Bank.

  • Nigeria’s inflation rate jump  to 22.41% in May

    Nigeria’s inflation rate jump to 22.41% in May

    Nigeria inflation rate jumped up to 22.41 percent in May 2023, according to Nigeria’s consumer price index (CPI), which measures the rate of change in prices of goods and services in the country.

    The inflation rate increased from 22.22 percent in the previous month to 22.41 percent.

    The country’s May inflation data is contained in the latest CPI report released on Thursday by the National Bureau of Statistics (NBS).

    The latest figure is the fifth consecutive rise in the country’s inflation rate this year, as Nigerians adjust to the effects of the recent petrol subsidy removal.

    According to the NBS report, “in May 2023, the headline inflation rate increased to 22.41 percent relative to April 2023 headline inflation rate which was 22.22 percent”.

    “Looking at the movement, the May 2023 inflation rate showed an increase of 0.19 percentage points when compared to April 2023 headline inflation rate,” NBS said.

    “Similarly, on a year-on-year basis, the headline inflation rate was 4.70 percentage points higher compared to the rate recorded in May 2022, which was (17.71 percent).

    “This shows that the headline inflation rate (year-on-year basis) increased in the month of May 2023 when compared to the same month in the preceding year (i.e., May 2022).

    “Likewise, on a month-on-month basis, the headline inflation rate in May 2023 was 1.94 percent, which was 0.03 percent higher than the rate recorded in April 2023 (1.91 percent).”

    The NBS said in the month of May 2023, the average general price level was 0.03 percent higher relative to April 2023.

    According to NBS, the food inflation rate in May 2023 was 24.82 percent on a year-on-year basis. This is 5.33 percent points higher compared to what was recorded in May 2022 (19.50 percent).

    The statistics body said the rise in food inflation was caused by increases in prices of oil and fat, yam and other tubers, bread and cereals, fish, potatoes, fruits, meat, vegetable, spirit.

    “On a month-on-month basis, the food inflation rate in May 2023, was 2.19 percent, this was 0.06 percent higher compared to the rate recorded in April 2023 (2.13 perecent),” the report said.

    “The average annual rate of food inflation for the twelve-months ending May 2023 over the previous twelve-month average was 23.65 percent, which was 4.97 percent points increase from the average annual rate of change recorded in May 2022 (18.68 percent).

    “On a year-on-year basis food inflation was highest in Ondo (25.84 percent), Kogi (25.70 percent), Rivers (25.02 percent); while Taraba (19.55 percent), Sokoto (19.56 percent), and Plateau (19.89 percent) recorded the slowest rise in headline inflation.”

     

     

  • Despite cashless policy: Nigeria’s inflation rate rises further to 21.91% in February 2023

    Despite cashless policy: Nigeria’s inflation rate rises further to 21.91% in February 2023

    Despite the imposed cashless policy by CBN, Nigeria’s inflation rate climbed to a new 17-year high of 21.91% in February 2023, representing a 0.09% point increase when compared to the 21.82% recorded in the previous month.

    This is according to the recently released Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS).

    The rise in the inflation rate is following a significant cash crunch experienced across the country on the backdrop of the new naira note design and uncertainties relating to the presidential election.

    In the same vein, food inflation rose to 24.35% year-on-year in the review month from 24.32% recorded in the previous month.

    On the other hand, core inflation dropped to 18.84% from 19.16%.
    According to the NBS, the rise in food inflation was caused by increases in prices of Oil and Fat, Bread and Cereals, Potatoes, Yam and Other Tubers, Fish, Fruits, Meat, Vegetable, and Food Products.

  • Juliet Ibrahim laments high cost of living in Ghana, says she spends N72,000 to fuel her car weekly

    Juliet Ibrahim laments high cost of living in Ghana, says she spends N72,000 to fuel her car weekly

    Ghanaian actress, Juliet Ibrahim, has lamented the high inflation rate and cost of living in Ghana, saying she has been spending so much to fuel her car on a weekly basis.

    The beautiful actress made this known via a post on her verified Twitter page where she described Ghana as the most expensivewest Africa  country to live in at the moment.

    Her post reads “Ghana most expensive West African country right now.”

    She stated that the amount she spent weekly on fuel was more expensive than what will be spent in the United States or Nigeria.

    She tweeted, “Ghana is officially the most expensive West African country right now! No joke! Someone driving a car of 3.0 / 3.5 fills their fuel tank to use within 5-7 days with fuel worth 1300/1400 cedis.

    “Currently, $100 = 1,400 cedis. Even in the USA, to fuel the same type of car can and will NEVER cost that much! Yet we are all going through the same economic crisis.

    “$100 = 1400 cedis; 1400 cedis = 72,000 Naira. Is there any Nigerian on my timeline that spends 72,000 Naira to fuel his car and use it for a period of five to seven days?

    Juliet Ibrahim is a Ghanaian actress, film producer and singer of Lebanese, Ghanaian and Liberian descent. She won the Best Actress in a Leading Role award at the 2010 Ghana Movie Awards for her role in 4 Play.

    She has been referred to as the “Most Beautiful West African Woman” according to A-listers Magazine

  • Ghana’s inflation rate hits highest figure in years – GSS

    Ghana’s inflation rate hits highest figure in years – GSS

    According to the figures revealed by the Ghana Statistical service (GSS), the inflation rate  jumped to an all time high of 40.4% for the month of October 2022.

    The high inflation rate is responsible for the rise in the cost of goods and services in the west African country.

    The inflation rate in Ghana for the month of September was 37.2% suggesting the country’s economy battered by currency depreciation and fiscal challenges is not going away any time soon.

    On a month-on-month basis inflation rate was 2.7% for the month under review compared to 2% in September 2022.

    By implication, the figure will impact the pressure on the country’s central bank to continue increasing borrowing costs, already at a five-year high.

    A cursory review of the data also reveals Ghanaians are experiencing higher inflation rates for housing, water, electricity, gas, and other fuels.

    The inflation rate for these items rose as much as 69.6% year on year indicative of the challenges faced by ordinary Ghanaians.

    Furnishing and household equipment and transport also rose 55.7% and 46.3% respectively year on year.

    However, Ghanaians pay less for Education with inflation. rising by just 9.5%

    The figure exceeded the median expectation of 39.5%.

    Meanwhile, Ghana’s neighbour in the West African region, Nigeria’s inflation figure for October is expected to be released next week.

     

  • Inflation rate in Nigeria hits 15.92%

    Inflation rate in Nigeria hits 15.92%

    The National Bureau of Statistics (NBS) on Saturday asserted that the nation’s inflation rate increased to 15. 92 percent in March 2022.

     

    According to a report released by NBS on March 2022, the Consumer Price Index (CPI) which measures inflation increased to 15.92 percent year on year.

     

    “This is 2.25 percent points lower compared to 18.17 percent recorded in March 2021.

     

    “This means that headline inflation rate slowed down in March 2022 when compared to the same month the previous year,” NBS said.

     

    It further said that on a month-on-month basis, the Headline Index increased to 1.74 percent in March 2022, representing 0.11 percent points higher than the 1.63 percent rate recorded in February 2022.

     

    “The percentage change in the average composite CPI for the 12 months period ending March 2022 over the average previous 12 months period is 16.54 percent.

     

    “This shows 0.19 percent points decrease compare to 16.73 percent recorded in February 2022,” NBS further said.

     

    The agency also said that the urban inflation rate increased to 16.44 percent year-on-year in March 2022 showing a decline of 2.32 percent points from 18.76 percent recorded in March 2021.

     

    “In the same vein, the rural inflation increased to 15.42 percent in March 2022 with a decrease of 2.18 percent points from 17.60 percent recorded in March 2021,” it said.

     

    NBS, however, said that on a month-on-month basis, the Urban Index rose to 1.76 percent in March 2022.

     

    “This was up by 0.11 percent points from 1.65 percent recorded in February 2022.

     

    “The Rural Index rose to 1.73 percent in March 2022, with 0.12 percent point increase from 1.61 percent recorded in February 2022,” it added.

  • Nigeria’s inflation rate drops for seventh consecutive month

    Nigeria’s inflation rate drops for seventh consecutive month

    Nigeria’s annual inflation rate has dropped for the seventh straight month to 15.4 per cent in November as against 15.99 percent reported in the previous month.

    This is according to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report released by the agency on Wednesday.

    The new figure represents a 2.77 percentage point decline since March when the inflation rate hit 18.17 per cent.

    “The consumer price index, (CPI) which measures inflation increased by 15.40 per cent (year-on-year) in November 2021. This is 0.51 percent points higher than the rate recorded in November 2020 (14.89) per cent,” the report added.

    “Increases were recorded in all COICOP divisions that yielded the Headline index. On a month-on-month basis, the Headline index increased by 1.08 percent in November 2021, this is a 0.10 per cent rate higher than the rate recorded in October 2021 (0.98) per cent.

    “The percentage change in the average composite CPI for the twelve months period ending November 2021 over the average of the CPI for the previous twelve months period was 16.98 per cent, showing 0.02 percent point from 16.96 per cent recorded in October 2021.”

    Furthermore, the NBS report indicated that the urban inflation rate rose by 15.92 per cent (year-on-year) in November 2021 from 15.47 per cent in November 2020.

    This is just as the rural inflation level jumped by 14.89 per cent in November 2021 from 14.33 per cent in November 2020.

    “On a month-on-month basis, the urban index rose by 1.12 per cent in November 2021, up by 0.10 the rate recorded in October 2021 (1.02) per cent, while the rural index also rose by 1.04 per cent in November 2021, up by 0.09 the rate that was recorded in October 2021 (0.95) per cent,” it added.

    “The corresponding twelve-month year-on-year average percentage change for the urban index is 17.55 percent in November 2021. This is higher than 17.53 per cent reported in October 2021, while the corresponding rural inflation rate in November 2021 is 16.42 percent compared to 16.39 per cent recorded in October 2021.”

  • Nigeria’s inflation rate drops further

    Nigeria’s inflation rate drops further

    Nigeria’s inflation rate has dropped by 0.37 per cent to 17.01 per cent (year-on-year) in August, from the 17.38 per cent recorded in July.

    This was disclosed in the Consumer Price Index report just released by the National Bureau of Statistics.

    According to the report, composite food index also dropped to 20.30 per cent against 21.03 per cent in July.

    “This rise in the food index was caused by increases in prices of bread and cereals, milk, cheese and egg, oils and fats, Potatoes, yam and other tuber, food products n.e.c, meat and coffee, tea and cocoa,” the report read in part.

    At the same time, the country’s urban inflation rate fell to 17.59 per cent year-on-year, from 18.01 per cent recorded two months ago, rural inflation rate tapered to 16.43 per cent from a previous 16.75 per cent, while core inflation, which excludes the prices of volatile agricultural produce dropped by 0.31 per cent to 13.41 per cent in from 13.72 per cent recorded in July.

    “The corresponding twelve-month year-on-year average percentage change for the urban index is 17.19 per cent in August 2021. This is higher than 16.89 per cent reported in July 2021, while the corresponding rural inflation rate in August 2021 is 16.03 per cent compared to 15.73 per cent recorded in July 2021,” the report further stated.