Tag: Inflation
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Nigeria’s Inflation Rate Hits 34.60%
Nigeria’s inflation rate increased to 34.60% in November 2024, up from 33.88% in the previous month, according to the National Bureau of Statistics (NBS). The Statistician-General, Prince Adeyemi Adeniran, noted that the current rate is 6.40 percentage points higher than the 28.20% recorded in November 2023. Food and Non-Alcoholic Beverages emerged as the primary driver…
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Local Rice Prices Skyrocket by 137% Amid Rising Food Inflation
The National Bureau of Statistics (NBS) has reported a surge in rice prices, with local rice experiencing a 137.32 per cent year-on-year increase in October 2024. The average price of local rice has jumped from N819.42 in October 2023 to N1,944.64 in October 2024, a pointer to the intense inflationary pressures facing Nigerian households. Kogi…
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CBN Governor Signals Easing of High Interest Rates as Inflation Cools
In a recent address at the Bankers’ Night hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, gave a clear signal that high interest rates would be eased in the coming months if inflation pressures cool as expected. Cardoso emphasized that…
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Nigeria’s Inflation Surges to 33.88%
Nigeria’s headline inflation rate has reached a staggering 33.88% in October 2024, according to the latest report from the National Bureau of Statistics (NBS). This represents a 1.18 percentage point increase compared to the 32.70% recorded in September 2024. The NBS Consumer Price Index (CPI) and Inflation Report, released on Friday, paints a bleak picture…