2025*. Nigeria's annual inflation rate fell for the eighth straight month to 15.40% in November of 2021, from 15.99% in October. Monthly Consumer Price Index in Nigeria 2019-2021; This represents a 0.05% point decline when compared to 18.17% recorded in March 2021. "On month-on-month basis, December 2021 food inflation was highest in Cross River (4.09%), Akwa Ibom (3.88%) and River (3.79%), while Nasarawa (0.21%), Jigawa (0.39%) recorded the slowest rise . Meanwhile, the annual core inflation rate, which excludes the prices of agricultural produce, rose to 13.85% in November, the highest since April of 2017 . Despite the various measures adopted to control inflation it has defied solutions.. Inflation in Nigeria Causes of Inflation in Nigeria. Recent Trend of Moderation in Inflation is Expected to Persist. More prominent among the economic challenges that confronted Nigeria during 2021 were insecurity, inadequate infrastructure, exchange rate hike, poor economic policies, and debt upsurge. April 15, 2021. in Macro-Economic News. GDP - Real growth of the oil sector was -10.73% (year-on-year) in Q3 2021 indicating an increase by 3.16% points relative to rate recorded in the corresponding quarter of 2020. Nigeria's annual core inflation rate, which excludes the prices of agricultural produce, rose to 13.87% in December of 2021, the highest since April of 2017, from 13.85% in the prior month. This word is the foremost economic and economist's terminology that does not escape being. Data published Monthly by National Bureau of Statistics. 1, pp. Dr. Harry told journalists on Monday in Abuja that the data from the National Bureau of Statistics . READ ALSO: Nigeria's Inflation Rate Declines To 17.75%. In January 2021, the inflation rate in urban areas of Nigeria grew by 17 percent . In the case of Nigeria, high inflation was cost-push. Nigeria's inflation rate for the month of July 2021, dropped further to 17.38% compared to 17.75% recorded in June 2021. Sat, 29 Jan 2022 03:50:10 GMTAdefolarin A. OlamilekanInflation, inflation, and inflation. In an economic review of 2020 and outlook for 2021 signed by Muda Yusuf, director-general, LCCI, the Chamber says . This is 0.86 percent points higher than the 16.47 percent rate recorded in January 2021 16.47 percent. Nigeria's inflation rate showed that prices continued to rise in July 2021 at a slightly slower pace than the 17.75 percent recorded in June. Inflation in Nigeria. POVERTY, inflation and debt may increase in Nigeria this year due to COVID-19 resurgence and poor economic fundamentals, according to the 2021 Economic Outlook recently published by the Lagos Chamber of Commerce and Industry (LCCI). This page provides - Nigeria Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. This is according to the consumer price index report, released by the National Bureau of Statistics (NBS). Adefolarin A. Olamilekan Inflation, inflation, and inflation. Nigeria's consumer price index, (CPI) which measures inflation increased by 16.47 percent (year-on-year) in January 2021, a 0.71 percent points higher than the rate recorded in December 2020 (15.75 percent). 2021 Recap: 6 African countries with the highest inflation rate in 2021 Alternatively, you can say it is a long-term increase in the general level of prices so that one unit of money now buys less . The report, published by the National . The last 7 years have however dashed the country's hope for single-digit inflation. The Bureau disclosed this in its consumer price . Consumer prices rose 1.08% in November, up from October's 0.98% increase. 17. 16. This represents 0.82% points higher than the February figures. Nigeria's inflation rate had been on a steady decline in the past 8 months since April . Latest report released by the National Bureau of Statistics (NBS) shows that Nigeria's inflation rate dropped by 0.37 percent points to 17.01 percent in August 2021. Nigeria's inflation falls further to 15.99% in October. 2026*. This page provides - Nigeria Food Inflation - actual values, historical data, forecast, chart . Nigeria recorded its first decline in inflation rate in 20 months, a report by the NBS revealed on May 17, 2021. The consumer price index (CPI), which measures the rate of change in prices of goods and services, declined for the seventh consecutive time to 15.99 percent in October 2021. This was stated on Friday by the director of monetary policy department, Hassan Mahmud at the virtual mid-year economic review and outlook 2021, organised by the Chartered Institute of Bankers of Nigeria's Centre for Financial Studies, in collaboration . Inflation Projected to Increase in September 2021 to 17.2%. In March 2021, inflation rate for Nigeria was 18.2 %. Inflation Down Again in August 2021 But Remains Astronomically High. The blueprint of Nigeria's sustainable economic growth was premised on the foundation of a single-digit inflation threshold. Nigeria's inflation rate may be among world's highest in 2022 - World Bank by abouzaid: 4:01pm On Jan 03. Nigeria's inflation rate in August this year dropped to 17.01% compared to 17.38% reported in July 2021 says National Bureau of Statistics (NBS). In the case of Nigeria, high inflation was cost-push. January 17, (THEWILL) - Nigeria's inflation rate rose to 15.6 percent in December 2021, after recording eight months consecutive decline in 2021. Meanwhile, Legit.ng had reported Nigeria's inflation rate rose by 17.33% on a year-on-year basis in February 2021, making it the highest in four years. Inflation rate hits 15.63%, as food prices eat into Nigerians household income. Nigeria inflation rate for 2018 was 12.09%, a 4.43% decline from 2017. INFLATION rate in Nigeria has increased to 15.63 per cent in December 2021 from 15.4 per cent recorded in November of the same year, indicating the first increase in eight months of consecutive decline, the Consumer Price Index (CPI) of December 2020 has shown. 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 . The description is composed by our digital data assistant. Food Inflation in Nigeria averaged 12.18 percent from 1996 until 2021, reaching an all time high of 39.54 percent in September of 2001 and a record low of -17.50 percent in January of 2000. However, the uptick is unlikely to prompt the Central Bank of Nigeria to hike interest rates in the West African country. Inflation rate compared to previous year. The Central Bank of Nigeria (CBN) has stated that the country's inflation rate may drop to 13 percent this year and single-digit by 2022. Read more. Data. 11.5 %. In October 2021, the inflation in urban areas of Nigeria grew by 16.5 percent compared to October 2020. The inflation rate in Nigeria has maintained a consecutive decline in the year-on-year headline inflation rate for a period of eight months, from the month of April 2021 with an interesting . After eight months of decline, Nigeria's headline inflation rate rose to 15.63 per cent in December 2021, from 15.50 per cent recorded in November. The report projects Nigeria's public debt to grow by 117.8 per cent on a year-on-year basis in 2022, just as inflation is to grow at an average rate of 14.3 per cent. Forecasted inflation rate in Nigeria 2021-2026; Year-on-year inflation rate in Nigeria 2021, by area; The most important statistics. INFLATION rate in Nigeria has increased to 15.63 per cent in December 2021 from 15.4 per cent recorded in November of the same year, indicating the first increase in eight months of consecutive decline, the Consumer Price Index (CPI) of December 2020 has shown. In March 2021, inflation rate for Nigeria was 18.2 %. Between April 2020 and March 2021, inflation rate of Nigeria grew substantially from 12.3 to 18.2 % rising at an increasing annual rate that reached a maximum of 5.67% in December 2020 and then decreased to 5.25% in March 2021. Headline Inflation Increases by 16.63% YoY in September 2021, 0.38% Lower Than August 2021 Rate. Nigeria's inflation rate in the month of December 2021 rose to 15.63% from 15.4% recorded in November 2021, after 8 months of consecutive decline. The measures come against the backdrop of a resurgence of rising prices of goods and services, especially at the end of 2021, which saw annual inflation rate closing the year at 60,7 percent . The December 2021 inflation report is likely to be released next week. Nigeria's headline inflation has dropped for the first time in 20 consecutive . NIGERIA'S January (2021) inflation rate peaked at 16.47 percent, from 15.75 percent reported in December 2020, data on the Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS) on Tuesday shows. Nigeria's inflation rate stood at 18.12% in April 2021, indicating the first decline in headline inflation in about 20 months. December 15, 2021. "In 2022, Nigeria is expected to have one of the highest inflation rates in the world and the seventh highest in Sub-Saharan Africa," it said. 1, pp. POLITICS NIGERIA reports that this represents 0.2 percent point rise when compared with 15.4 percent recorded in November 2021. Get in touch with us now. The Central Bank of Nigeria (CBN) has stated that the country's inflation rate may drop to 13 percent this year and single-digit by 2022. Nigeria's inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021. Cost of food in Nigeria increased 17.37 percent in December of 2021 over the same month in the previous year. The World Bank has said Nigeria may have one of the highest inflation rates globally in 2022, with increasing prices diminishing the welfare of Nigerian households. , Dec 1, 2021. Inflation Rate in Nigeria averaged 12.62 percent from 1996 until 2021, reaching an all time high of 47.56 percent in January of 1996 and a record low of -2.49 percent in January of 2000. 26-38 The world Bank revealed that those inflationary pressures were trigged by multiple demand and supply shocks. Nigeria's food inflation also rose to its highest in 3 years. Musa N., (2021), Impact of Exchange Rate Volatility on Inflation in Nigeria, Journal of Contemporary Research in Business, Economics and Finance, Vol. Inflation in Nigeria in 2021 was the outcome of several other problems that confronted the economy. Nigeria: Inflation rate from 2006 to 2026 (compared to the previous year) table column chart. Read also: Nigeria may hike policy rate to 12.5% in 2022 on slowing inflation - Rencap Rivers (13.36%) and Edo (13.50%) recorded the lowest inflation rates in October. The inflation in rural Nigeria experienced an . In the previous eight months, the inflation rate in Nigeria had slowed, declining to 15.40 per cent in This is contained in the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS).. While recovery from the pandemic in 2021 looked promising with GDP rising above 4 percent and inflation rate declining for 8 . The latest figure is 0.37% represents lower than what was recorded in the previous month. Venezuela—the IMF estimates—will hit this year an inflation rate of 2,700% (which, believe it or not, is a stellar improvement compared to the five-digits rates of just a few years ago); Sudan is forecast to come second at about 200%; many . Characteristic. The rise in the inflation rate comes after the consumer price index, (CPI) dropped for eight consecutive months […] The CPI report showed that food inflation rose from 17.21% in November 2021 to 17.37% in December 2021. By Dipo Olowookere For the first time in nine months, the inflation rate in Nigeria increased to 15.63 per cent year-on-year in December 2021, data released by the National Bureau of Statistics (NBS) on Monday stated. Inflation has been on a persistent upward trend since September 2019, around the time the federal government ordered the closure of land borders. Nigeria: Inflation continues downward trend in October. According to the latest Nigeria Development Update, Nigeria is projected to have one of the highest inflation rates globally and the seventh-highest among Sub-Saharan African countries in 2022. Under the food index, the NBS reported that food inflation . 3, No. 16 October 2021. Nigeria inflation rate for 2016 was 15.68%, a 6.67% increase from 2015. Although contentious, Nigeria's inflation rate in 2021 slowed for the first time in almost two years in April 2021, after rising steadily since September 2019. Nigeria's Statistician-General, Dr. Simon Harry, has said that the country's inflation rate for the month of December 2021 rose to 15.63 percent as against 15.50 percent recorded in November, 2021. Inflation Rate in Nigeria increased by 15.63 % in December 2021 over the same month in the previous year. This was stated on Friday by the director of monetary policy department, Hassan Mahmud at the virtual mid-year economic review and outlook 2021, organised by the Chartered Institute of Bankers of Nigeria's Centre for Financial Studies, in collaboration . Nigeria's Inflation Rate May Be Among World's Highest In 2022 - W/Bank . Nigeria: PMI comes in at three-month high in October. Musa N., (2021), Impact of Exchange Rate Volatility on Inflation in Nigeria, Journal of Contemporary Research in Business, Economics and Finance, Vol. The description is composed by our digital data assistant. "The urban inflation rate increased by 15.92 per cent (year-on-year) in November 2021 from 15.47 per cent recorded in November 2020, while the rural inflation rate increased by 14.89 per cent in . 15. The causes of inflation in Nigeria are not different from the ones in . Consumer prices rose 1.08% in November, up from October's 0.98% increase. 17 January 2022. This rate was higher by 7.95% point compared to the rate recorded same quarter of 2020 and 1.30% point lower than the second quarter of 2021. December 15, 2021. The bank said this in the November edition of its Nigeria Development Update. The Laspeyres formula is generally used. This represents a 0.37% decline in the rate of inflation compared to the previous month. , Sep 20, 2021. The states with the highest inflation rates are predominantly in the North - Gombe (18.54%), Jigawa (17.54%), and Nasarawa (17.43%), while Kwara (11.73%), re-emphasizing the . Nigeria Inflation rate Drops To 15.99% In October - as food prices ease by fergie001: 2:10pm On Nov 15, 2021 Nigerian inflation slowed to a 10th-month low in October, giving the central bank scope to leave interest rates on hold next week. This is according to the latest CPI report released by the National Bureau of Statistics (NBS). This is according to the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS). December 1, 2021 The reversing gear of inflation in Nigeria's economy. December 1, 2021 3, No. NIGERIA'S inflation rate dropped to 15.99 per cent in October, continuing the steady decline from March 2021. More prominent among the economic challenges that confronted Nigeria during 2021 were insecurity, inadequate infrastructure, exchange rate hike, poor economic policies, and debt upsurge. Inflation is a worldwide phenomenon but the rate varies from country to country.. Nigeria has been experiencing a high rate of inflation estimated to be well over 45%. "The urban inflation rate increased by 16.52 per cent (year-on-year) in October 2021 from 14.81 percent recorded in October 2020, while the rural inflation rate increased by 15.48 per cent in . The fall represents the fifth consecutive decline in the rate of inflation recently recorded in Nigeria. This represents 0.2 percent point rise when compared with 15.4 percent recorded in November 2021. Nigeria inflation rate for 2017 was 16.52%, a 0.85% increase from 2016. The National Bureau of Statistics (NBS) on Monday said inflation rate rose to 15.6 percent in December 2021, after recording eight months consecutive decline that year. Research | Nigeria | Weekly Update 16 March 2021 WoW Performance of C-30 Naira Sovereign Yields Spot 354-day (OMO) 8.77% 349-day (T-bill) 4.16% 3 Year 7.38% 7 Year 10.10% 10 Year 10.34% Inflation 17.33% Quotes at 12 Mar 2021 Source: NSE, FMDQ Best Performing in 2021, YTD Inflation continues to rise, with February inflation reported at 17.33% . This was disclosed, yesterday, by the . Nigeria: PMI comes in at three-month high in October. Nigeria: Inflation continues downward trend in October. Updated September 15, 2021 Nigeria's inflation rate has dropped by 0.37 per cent to 17.01 per cent, the National Bureau of Statistics has said in its latest report. Based on our econometric model, official headline inflation is expected to fall to 14.9% from 15.4% in November 2021. In November 2021, Nigeria's inflation rate declined marginally to 15.40 percent from 15.99 percent in October — the 8th consecutive monthly decline and the lowest inflation rate recorded in 2021. Since March 2021, Nigeria's inflation rate has been declining monthly as the Central Bank of Nigeria (CBN) projected it may drop to 13 percent this year and a single-digit rate by 2022 . The inflation rate in Nigeria declined for the sixth consecutive month to 16.63 per cent in September, its lowest level since January this year, according to the National Bureau . The Statistician . States with highest, lowest food inflation rate in Nigeria. In November 2021, Nigeria's inflation rate declined marginally to 15.40 percent from 15.99 percent in October — the 8th consecutive monthly decline and the lowest inflation rate recorded in 2021. After eight months of decline, Nigeria's headline inflation rate rose to 15.36 per cent in December 2021, from 15.50 per cent recorded in November. Inflation in Nigeria in 2021 was the outcome of several other problems that confronted the economy. 18. The figure is 1.76per cent points higher than the rate recorded in October 2020 (14.23) percent. The 0.05 per cent drop in April 2021 was the first time Nigeria's inflation rate would fall in about 20 months as the last time it fell was in 2019 when the CPI shed 0.06 per cent, falling from . Between April 2020 and March 2021, inflation rate of Nigeria grew substantially from 12.3 to 18.2 % rising at an increasing annual rate that reached a maximum of 5.67% in December 2020 and then decreased to 5.25% in March 2021. The report, published by the National . In 2021, Nigeria's inflation rate is projected to reach 16 percent. Nigeria's inflation rose to 17.33 percent in February 2021. World's Highest And Lowest Inflation Rates 2021; World's Highest And Lowest Inflation Rates 2021. . The maximum level was 47.56 % and minimum was -2.49 %. This will be the 9th consecutive monthly decline and the lowest inflation rate in 12 months. Get in touch with us now. Historical Data (%) by years. The 2021 budget projects that Nigeria's inflation will close at 11.95% in 2021 and a projected GDP growth of 3%. This is contained in the recently published consumer price index report by the National Bureau of Statistics (NBS). Read more. Food inflation rose by 21.79 . 26-38 The fall between both months was 0.37 percent or 37 . Nigeria's headline inflation rose to 15.63 per cent in December 2021 compared to 15.40 per cent in November, the National Bureau of Statistics announced Monday.. Nigeria's inflation rate had . For eight consecutive months, inflation rate was on a decline in 2021, but that dip ended in December, as the . According to the report, the consumer price index (CPI), which measures inflation increased by 17.01 percent (year-on-year) in August 2021, being 0.37 percent points lower than . Core Inflation Rate in Nigeria averaged 10.43 percent from 2007 until 2021, reaching an all time high of 19.28 percent in January of 2007 and a record low of 0.49 percent in March of 2008. Food prices in Nigeria, which make up the bulk of the inflation basket, rose 21.79 percent in February, according to national stats [File: Afolabi Sotunde/Reuters] Published On 16 Mar 2021 16 Mar 2021 Nigeria's consumer price index has shown a decrease in inflation rate from 17.38 per cent in August to 17.01 per cent in August of 2021 on year-on-year basis, according to a monthly report by the National Bureau of Statistics (NBS). Last month's rate is 0.86% higher than the 16.47% the Nigerian Bureau of Statistics (NBS) reported in January 2021. According to the National Bureau of Statistics (NBS) report that was released on Monday, the Consumer Price Index (CPI) recorded a further drop in the prices of goods and services consumed by Nigerians on a daily basis.. Published. Nigeria recorded its highest inflation rate in four years, NBS report revealed on April 15, 2021, Nigeria's inflation rate has continued to rise as the Consumer Price Index (CPI) which measures . Nigeria inflation rate for 2019 was 11.40%, a 0.7% decline from 2018. It was the lowest rate since November last year, amid the continued deceleration in food inflation (17.21% vs 18.34%). Search: Records: 13 25 50.
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