British inflation has eased back to its lowest level since March 2022, but remained higher than expected as food prices continued to rise at a near record pace. The Office for National Statistics (ONS) said that Consumer Prices Index (CPI)…
Fed raises US interest rates to highest in 16 years
The US central bank has raised interest rates to the highest level in 16 years as it battles to stabilise prices. The Federal Reserve increased its key interest rate by 0.25 percentage points – its 10th hike in 14 months.…
LCCI: High Inflation may hurt productivity, raise poverty figures
The Lagos Chamber of Commerce and Industry (LCCI) has warned that sustained high inflation rate in the Nigerian economy might further constrain production of goods and services and lead to a steeper rise in poverty figures in the country. It…
Inflation in Nigeria rises further to 21.91%
In February 2023, the headline inflation rate rose to 21.91% compared to January 2023 headline inflation rate which was 21.82%, according to figures that were released by the National Bureau of Statistics (NBS) on Wednesday. Looking at the trend, the…
Nigeria inflation hits 14.89% – a 31-month high
Nigeria’s inflation rate has climbed to a 31-month high, as it rose further to 14.89 per cent in November, the latest figures by the National Bureau of Statistics (NBS) has shown. The report published on the website of the bureau…
Progress of Nigeria should determine who wins 2019 presidential election – Obi
Vice Presidential Candidate of the Peoples Democratic Party (PDP), Mr. Peter Obi, has called on Nigerians to see the February 16, 2019 presidential election as decisive about the future and economic progress of Nigeria and not about the usual casting…
Fear of Inflation Mounts as Buhari Approves New Minimum Wage (ThisDay)
As workers and their unions celebrate the N30,000 new minimum wage approved by President Muhammadu Buhari yesterday, analysts have expressed fear that the fresh wage regime could put inflationary pressure on the already fragile economy. Those who spoke to THISDAY…
Nigeria’s economy out of recession, NBS insists (PremiumTimes)
The National Bureau of Statistics (NBS) on Monday restated that the country was out of recession. The Head of Public Affairs and International Relations Unit, Sunday Ichedi, said this in a statement in Abuja. Ichedi was reacting to claims that…
Nigeria’s inflation drops to 11.14% in July
Nigeria’s headline consumer price index extended deceleration (which started in 2017) to the eighteenth consecutive month. Headline inflation was 11.14 percent year on year ( y/y ) in July, according to National Bureau of Statistics (NBS) report released Wednesday. The…
Inflation: Statistician cautions politicians, government against reckless spending (Punch)
A statistician, Dr Olusanya Olubusoye has advised politicians and government at all levels against reckless fiscal spending to prevent inflation ahead of the 2019 elections. Olubusoye, a lecturer at the Department of Statistics, University of Ibadan, gave the advice in…