Inflation ticked down to 17.8% in June from Mays 17.9%, marking the lowest reading in four months. Nigeria's annual inflation climbed to a more than four-year high in March, rising 82 basis points from a month earlier to 18.17%, the statistics office said on Thursday. June 18, 2021. By Alao Abiodun. In Nigeria, inflation has been a concern for policymakers since the 1990s, and the rate of inflation has been strong since then. This represents the third consecutive decline in headline inflation. The inflation rate currently stands at 17.93%, with food inflation at 22.28%, crude oil price at $71.98, and Naira to Dollar exchange rate of 410.14 (CBN rate) and 502 in the parallel market. 1Y 5Y This is according to the Consumer Price Index Report, released by the National Bureau of Statistics. In contrast, inflation averaged 6% in South Africa and 15% in Ghana during the same period. 0. Nigerias high inflation problem has a corrosive impact on savings and is complicating the governments efforts to give fragile economy a much-needed boost. Vol 3, No 3, 2012 . Nigeria's Macro Indicators, foreign exchange details, inflation rate, CBN's latest news, documents and publications can be found here. Nigerias inflation rate drops to 17.75% in June NBS. The Laspeyres formula is generally used. GDP. Average annual inflation in the U.S. between 1913 and 2019 was 3.10%. If you look at a table containing the inflation rate from 1915 to 2019, you'll notice deflation (expressed as a negative inflation percentage) during the Great Depression. You'll also notice significant inflation in the '70s and early '80s. Nigerias inflation rate fell by 0.18% to 17.75% in June NBS. Inflation in Africas largest economy, Nigeria, moderated from 18.12 percent year-on-year in April to 17.93 percent year-on-year in May, according to the latest report from the National Bureau of Statistics (NBS). The consumer price index (CPI), which measures the rate of change in prices of goods Nigerias inflation rate slows 17.93% in May. Data published Monthly by National Bureau of In an economy that grows at about 7% inflation rate of about 13% is not a sign that things are good.This indicate that profit and growth rate have to move at. This means that 1 million in 2000 was worth only 130,000 in 2017. Nigerias real Gross Domestic Product (GDP) is recovering but unemployment and inflation remain elevated, the International Monetary Fund (IMF) has said. 14:50 2021. In this article, we bring you some of Nigerias leading penny stocks outperforming the countrys inflation rate of 18.12%. Nigerias inflation rate fell slightly from 17.93 per cent in May to 17.75 per cent in June, according to the National Bureau of Statistics. Nigerias inflation rate fell for the third consecutive month in June to 17.75 per cent from 17.93 per cent recorded in May, amid an accelerating increase in food prices, the National Bureau of Statistics (NBS) said. On a monthly basis, headline inflation grew by 1.01 percent in May. None. This represents 0.18 per cent fall in the inflation rate. Nigerias Inflation rose to 12.82% in July NBS: The National Bureau of Statistics (NBS) yesterday said inflation rose by 12.82 per cent in July 2020. During the recession which lasted from 2016 to 2017, the inflation rate increased to over 20%. Nigeria's inflation rate fell to 17.75% in June NBS; Drop in inflation may not be sustained, says FDC; The percentage change in the average composite CPI for International Monetary Fund, International Financial Statistics and data files. Highest inflation rate by country in 2019. Food Inflation in Nigeria averaged 12.01 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. Nigerias inflation rate has climbed to a 34-month high, rising to 17.33% in February from 16.47% in January 2021, the latest figures published by the According to statistics released by the National Bureau of Statistics, the Inflation rate in the country has reduced to 17.75% in June. Though Nigeria inflation rate fluctuated substantially in recent years, it tended to decrease through 1970 - 2019 period ending at 11.4 % in 2019. Nigerias inflation rate has dropped. Nigerias inflation rate dropped further in the month of June 2021 to 17.75% from 17.93% recorded in the previous month (May 2021). Nigerias Inflation has yet again fallen to 17.75% as the economy steadily improves. The description is composed by our digital data assistant. Between 2000 and 2017, inflation in Nigeria averaged over 12%. Gatekeepers News reports that on month-on-month basis, the headline index increased by 1.06 percent in June 2021. The inflation rate fell slightly from 17.93% in May to 17.75% in June. Nigeria's inflation rate drops to 18.12% in April 2021. The World Bank says Nigerias inflation rate is expected to rise to 5th highest in Sub-Saharan Africa by the end of 2021, behind only Zimbabwe, Zambia, South Sudan and Angola. Nigerias inflation rate fell slightly from 17.93 per cent in May to 17.75 per cent in June, according to the National Bureau of Statistics. The print largely came on the back of higher price pressures for food. This is 0.05 percentage points higher than the rate This is according to the latest consumer price index report, released by the National Bureau of Statistics (NBS). Nigerias inflation rate decreased to 17.75 percent in June, from 17.93 percent in May according to the Consumer Price Index Report for June, released by the National Bureau of Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. Inflation rate dropped to 17.75% in June NBS. This statistic shows the average annual inflation rate in the U.S. from 1990 to 2019. In 2019, prices went up by 1.8 percent compared to the previous year. According to the recently released Consumer Price Index report by the National Bureau of Statistics (NBS), the consumer price index, (CPI) which measures the inflation rate increased by The Consumer Price Index (CPI) which measures inflation rate of change in the increase in prices, according to the National Bureau of Statisticsis (), increased by 17.75 per cent (year-on-year) in June 2021.The NBS CPI report showed 0.18 percentage points were lower than the rate recorded in May 2021 (17.93) per cent. The lowest inflation rate in 2019 was reported by Libya, Burkina Faso, Chad, Mali, Niger, United Arab Emirates, Iraq, Fiji and Qatar. This represents the third consecutive decline in headline inflation. License : CC BY-4.0. The Consumer Price Index Report for June released by the National Bureau of Statistics (NBS) on Friday, means that the prices have continued to increase in [] The global pursuit of financial inclusion as a vehicle for economic development had a positive effect in Nigeria as the exclusion rate reduced from 53.0 % in 2008 to 46.3 % in 2010. In July, it was reported that it reached the 16.05 mark. Investing in real estate can be capital intensive, but the returns are often reliable. Inflation rate has declined for three consecutive months, but Nigerians are unable to heave a sigh of relief, not when prices are still rising at a rate of 17 percent, with supply. Pre-election and Campaign Spending. This is according to the latest consumer price index This is from 17.93 recorded in May 2021. [13]. The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy. There was also an increase in the urban inflation rate as it jumped by 18.35 %(year-on-year) in June 2021 from May 2021s 18.51%. Core inflation increased from 12.74% to 13.15%; while food inflation dropped to 22.28% from 22.72%. Nigerias inflation rate fell slightly from 17.93 per cent in May to 17.75 per cent in June, according to latest Consumer Price Index report for June released by the National Bureau of Statistics (NBS). In short, interest rates are so high in Nigeria because inflation has historically been high. Nigerias inflation rate on Tuesday dropped further for the second consecutive month to stand at 17.93% in May 2021 from 18.12% recorded in April Obviously, it is still not a single-digit number, as the CBN hoped. June 15. In 2019, inflation rate for Nigeria was 11.4 %. The disclosure on Thursday by the National Bureau of Statistics (NBS) that the inflation rate in Nigeria has hit a new record of 18.17% has attracted reactions from the citizens.. According to the consumer price index report released by the National Bureau of Statistics (NBS) on Monday May 17, 2021, the inflation rate recorded a slight drop in the month ending April 2021, shedding 0.05 per According to statistics released by the National Bureau of Statistics, the Inflation rate in the country has reduced to 17.75% in June. Current inflation rate in Nigeria. Nigeria: Inflation ticks down to four-month low in June. On a month-on-month basis, the headline index increased by 1.01 percent in May 2021. As is the custom in Nigeria, as elections draw near, politicians In fact, data from the Nigerian Bureau of Statistics revealed that inflation rose from 13.7% in April to The NBS said in its Consumer Price Index report for June that this showed 0.18 per cent fall in the inflation rate. Nigerias consumer price index (CPI), a measurement of the rate of change in prices of goods and services, has declined to 17.75% in June from 17.93 recorded in May 2021. Inflation Rate (CPI, annual variation in %) Inflation refers to an overall increase in the Consumer Price Index (CPI), which is a weighted average of prices for different goods. Nigerias inflation rate fell slightly from 17.93 per cent in May to 17.75 per cent in June, according to the National Bureau of Statistics. The recent inflation number defied analysts forecasts as they had earlier predicted a rise in the general price level of around 18.1% for the month of June 2021. Though Nigeria inflation rate fluctuated substantially in recent years, it tended to decrease through 2001 - 2020 period ending at 13.2 % in 2020. In January 2021, the inflation in urban areas of Nigeria grew by 17 percent compared to January 2020. The World Bank disputed the central banks claim that high inflation is mostly due to supply constraints, noting strict exchange-rate controls and expansive monetary policy as important drivers of the price increase. Okhira and Saliu (2008) examined the impact of exchange rate on inflation rate and the relationship that exist among government expenditure, money supply exchange rate, oil revenue and inflation in Nigeria. The urban inflation rate increased by 18.35 percent (year-on-year) in June 2021 from 18.51 percent recorded in May 2021, while the rural inflation rate increased by 17.16 percent in June 2021 from 17.36 percent in May 2021. Relative Price Changes Are Not Inflation. Relative-price changes, like inflation, can cause price pressure in an economy. We experience them every day much like we experience inflation, and they cause changes in standard price indexes. But there the similarity ends. Relative-price changes are not a monetary phenomenon. The Consumer Price Index Report for June released by the National Bureau of Statistics (NBS) [] Effects of Inflation Rate on Economic Growth in Nigeria (1986-2014) Hakeem Bakare 1* Rasaki Kareem 1,2 Bolade Oyelekan 1,3 Dept.