The inflation rate for consumer prices in Nigeria moved over the past 40 years between 5.4% and 72.8%. The data for rice is hard to get for many other countries which are major rice producers and consumers, but overall food inflation is a … Food inflation is a major part of the Consumer Price Index. The country’s 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. Figures released by the National Bureau of Statistics on Monday showed that the country’s inflation increased again in October, moving up by 0.52 per cent when compared to […] For food inflation, on a year on year basis, it was highest in Edo with 21.65 per cent, Zamfara 20.88 per cent and Kogi 20.58 per cent. Found inside – Page 188Clements KW, Si J, Vo L (2017) Food and agricultural prices across countries and ... Giraudo ME (2020) Dependent development in South America: China and the ... Nigeria’s headline inflation for July fell to 17.38 percent, representing a 0.37 per cent points when compared to 17.75 per cent recorded in June. 1996-2021 Data | 2022-2023 Forecast | Calendar | Historical, Nigeria Holds Key Interest Rate Steady at 11.5%, Nigeria August Inflation Rate at 7-Month Low, Nigeria Private Sector Growth at 18-Month High, Nigeria Factory Activity Shrinks in December, Nigeria Services Sector Shrinks for 8th Month, Fitch Revises Nigeria Credit Outlook to Negative, Yuan Falls Slightly due to Evergrande Limbo, Czech Consumer Morale Drops to 5-Month Low, Bosnia And Herzegovina Inflation Highest in Nearly 9-Years, UK CBI Retail Sales Gauge Falls to 6-Month Low, Taiwan August Export Orders Rise Less than Expected, Italy Business Confidence Eases in September. In 2019 data from the Nigerian Bureau of Statistics (NBS) show that food took up 56.6% of consumer expenditure in Nigerian households. Found insideThis book explores first principles, including managing short-term policy trade-offs. The book also outlines efficient operational procedures and reviews the experiences of Canada, the Czech Republic, and India. Nigeria’s inflation rate rose further in July 2020 to 12.82% (year-on-year), 0.26% points higher than the rate recorded in June 2020 (12.56%). It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. For 2019, an inflation rate of 11.4% was calculated. Inflation continues to rise, with February inflation reported at 17.33% year-on-year after 16.47% y/y in January, and food inflation at 21.79% y/y. Core inflation stood at 13.72 per cent. The World Bank said the countrys surging inflation and rising prices had pushed an estimated seven million Nigerians below poverty line in 2020. The consumer price index, (CPI) which measures inflation, increased to 16.47% (year-on-year) in January 2021. , Mar 29, 2021. A 25-litre keg of vegetable oil sold for N9,750 in May 2019, now sells for N14,625. 2021 Inflation: NBS Report Shows Steady Rise in Food Prices 3. Nigeria inflation rate for 2016 was 15.68%, a 6.67% increase from 2015. AIICO Insurance Plc: Notice of Board Meeting. Based on data between 2000 and September 2020, to beat inflation in Nigeria, your savings would have to earn you at least 12% cumulative interest every year. ... rate in June 2020 was 11.36 per cent compared to 11.26 per cent recorded in May 2020. He tweeted, “President Muhammadu Buhari has failed. According to the report, Nigeria has endured persistent increase in inflationary rate —growing from 12.13% in January to 13.71% in September—the highest recorded in 30 months. Found inside – Page 10This food insecurity index, which is standardized for facilitating interpretation, ... It is used to measure consumer inflation in Nigeria's economy. A piece of frozen fish which cost N417 in May 2019, now sells for N625. Vendors display tomatoes for sell at Mile 12 market in Lagos, food prices remain high despite drop in inflation rate to 17.93% in May 2021, on July 7, 2021. All rights reserved. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. Found inside – Page 58Containing the damage of economic slowdowns and downturns to food ... that started in 2014 and contributed to staple food price inflation in Nigeria as well ... Found inside – Page 14external reserves fell short of 2018 targets despite higher oil prices, ... 2017 2018e 2019f 2020f inflation remains elevated in Angola and Nigeria, ... Get in touch with us now. October 2020 Inflation Rate Rises to 14.23% as Food Inflation Jumps to 17.38% The consumer price index, (CPI) which measures inflation increased by 14.23 percent (year-on-year) in October 2020. This rise in the food index according to the NBS was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils, and fats. The pressure on food prices has been attributed to the Nigerian border closures and COVID-19 restrictions. Nigeria’s annual inflation rate eased for a fifth straight month to 17.01% in August of 2021, from 17.38% in July. Since January 2020, the price of agric egg medium size was at an average of N469.72, while the price of an egg was at an average of N41.58 in … Active Voice Subscribers Grew by 4.59% in Q3 2020 - NBS This indicates the effect of rising food prices on the headline index. Figures released by the National Bureau of Statistics on Monday showed that the country’s inflation increased again in October, moving up by 0.52 per cent when compared to […] Nigeria’s inflation rate has climbed to a 33-month high, as it rose further to 16.47% in January 2021 from 15.75% in December 2020, the … A closely watched component of the food inflation index rose by 16.66% in September 2020 — a 0.66% increase compared to 16% recorded in the previous month. The country’s 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. Read more INSIGHT Export Chart. From an unemployment rate forecast to rise to 33.5% by 2020, to a global pandemic that could push at least 5 million people into poverty and, a near 14% inflation rate as well as an impending recession, the Nigerian future looks dire in the coming months, according to multiple data and reports from several agencies including the … 62.18% of Nigeria's Total Public Debt as of Q3 2020 Was Domestic - NBS. Nigeria’s headline inflation has increased for the 15th consecutive month to 14.89% in November 2020, from 14.23% in October. Found insideThe January edition includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces. Food inflation in Nigeria rose to 15.04% in May; the highest rate since March 2018, or in 26 months. Nigeria’s 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. A closely watched component of the food inflation index rose by 16.66% in September 2020 — a 0.66% increase compared to 16% recorded in the previous month. According to the report, Nigeria has endured persistent increase in inflationary rate —growing from 12.13% in January to 13.71% in September—the highest recorded in 30 months. A comparison of the Composite Food Index within the period under review indicated that food inflation rose from 181.8 index points to 382.7 index points. Between October 2020 and February 2021, food prices in the United Kingdom decreased by one percent. According to the National Bureau of Statistics (NBS) report on Tuesday, the food index fell by 0.80 basis point to 21.03 per cent from 21.83 per cent in June. Found insideThe Nigerian economy also recovered with strong mornentum in 2010, ... Accordingly, the headline inflation rate for June, 2010 was revised to 14.1 percent ... Found inside – Page 14Inflation in Angola increased to 17.5 percent y/y in August due to higher food prices. Inflation eased in Nigeria to 11.0 percent (y/y) in August, ... The year-on-year rate of inflation continues to reflect the grim economic reality of Nigeria, as we saw a further uptick in the headline index, as well as in the food and core categories. The softer monthly increase reflected a slower increase in prices for food. , Jul 1, 2021. So over the last 20 years, Nigeria Rice Inflation rate is 1000% while the US Rice Inflation rate is 62%. Compared to August 2020, the CPI increased by 17 percent. 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 hike in the cost of staple food items could be attributed to the border closure directive of the federal government that was announced in August 2019. Found insideThese and other findings are detailed in the 2018 edition of The State of Food Security and Nutrition in the World. #Nigeria is in the grip of chaos. Found inside – Page 43The housing sector also contributed 0.13 % to employment in Nigeria . ... On 12 - month moving average basis , food inflation rate declined to 12.7 % in ... Nigeria Inflation Rate (Monthly) Nigeria's Consumer Price Index (CPI) which measures inflation, increased by 17.75% (year-on-year) in June 2021. Nigerian inflation accelerated for a 13th straight month in September on surging food prices driven by border closures and dollar restrictions as well as lower interest rates. On month on month basis, however, September 2020 food inflation was highest in Zamfara (3.65%), Anambra (3.19%) and Kaduna (3.15%), while Nasarawa (0.51%) and Abuja (0.15%) recorded the slowest rise with Ondo recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate). This is according to the latest CPI report, released by the National Bureau of Statistics. Found inside – Page 15Quarterly Global Report Food and Agriculture Organization of the United Nations ... In Nigeria, prices of coarse grains continued to rise steeply in most ... This indicates the effect of rising food prices on the headline index. Against the background of experiences from other countries, China's reform program was examined in detail, & the papers in this volume allow readers to draw inferences about the existence & sustainability of a trade-off between inflation & ... Found inside – Page 1This book documents the effectiveness of intervention and pays special attention to the role of foreign exchange intervention policy within inflation-targeting monetary frameworks. ABC Transport projects profit after tax of N30.08 million in Q4 2021. Found inside – Page 74OECD, Food and Agriculture Organization of the United Nations ... rates. 2020-2029. Per capita GDP growth Population growth GDP growth 2010-19 % 8 7 6 5 4 3 ... Vendors display tomatoes for sell at Mile 12 market in Lagos, food prices remain high despite drop in inflation rate to 17.93% in May 2021, on July 7, 2021. “The government can’t protect its own citizens from Boko Haram or the corrupt Police. Jigawa had 0.37, the slowest rise in headline month on month inflation. On month on month basis, however, September 2020 food inflation was highest in Zamfara (3.65%), Anambra (3.19%) and Kaduna (3.15%), while Nasarawa (0.51%) and Abuja (0.15%) recorded the slowest rise with Ondo recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate). Nigeria inflation rate for 2017 was 16.52%, a 0.85% increase from 2016. Required fields are marked *. Historical Data (%) by years. This manual contains methodological guidelines for statistical offices and other agencies responsible for constructing and calculating CPIs, and also examines underlying economic and statistical concepts involved. It is projected to hit 20% by the first quarter of 2021, when the effects of the increase in petrol and electricity prices are accounted for. According to him, the Federal Government could do more than what it is doing; he described the administration as a failure over security of its citizens, unemployment, and inflation. Found insideThe 2020 edition of The State of World Fisheries and Aquaculture has a particular focus on sustainability. pic.twitter.com/LZOzHWkiau, — Prof. Steve Hanke (@steve_hanke) October 28, 2020, READ: Northern States worst hit as Nigeria’s inflation jumps to 11.85% in November, READ: Nigeria’s inflation rate rose to 11.40% in May 2019, Abiola has spent about 14 years in journalism. The latest inflation report also indicates a 4th consecutive decline in the inflation rate. By Bashir Olanrewaju Nigeria's annual inflation rose 14.23 percent in October, maintaining its upward trend for the 14th month amid pressure from surging food prices, according to the National Bureau of Statistics. This is 0.52 percent points higher than the rate recorded in September 2020 (13.71 percent). Found inside – Page 13After spikes in food prices in March and April 2020 due to increased ... In October 2020, the annual food inflation rate in Egypt was estimated at -0.7 ... Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021. CPI-All Urban Consumers. The change in food prices are a component of the CPI’s "all items" index and so they are part of the data set that is used in calculating inflation rates. Because food prices tend to be more volatile, however, they are stripped out when calculating core inflation rates. The World Bank said the countrys surging inflation and rising prices had pushed an estimated seven million Nigerians below poverty line in 2020. The Laspeyres formula is generally used. The report also recorded that the composite food index rose by 20.30 per cent in August 2021 compared to 21.03 per cent in July 2021. The data for rice is hard to get for many other countries which are major rice producers and consumers, but overall food inflation is a useful proxy for gauging the direction in which the price is trending. Nigeria’s headline inflation rate for December, 2020 hits 15.75% from 14.89% reported a month earlier on sustained increase in food prices. This is according to the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS). On a month-on-month basis, the Headline index increased by 1.56% in March 2021, this is 0.02% points higher than the rate recorded in February 2021 (1.54 percent). The hike in food prices and other individual consumption across the country further increased the rate of inflation in Nigeria to 14.23 per cent in October 2020. Nigeria’s food inflation rate surged to 21.79% in February 2021, which is the highest rate recorded in Nigeria since October 2005—exactly 15 years and 4 months ago. API users can feed a custom application. Found inside – Page iThe book examines the steps Peru undertook to achieve these results and extracts lessons to be learned. Chapters are written by IMF staff and Peruvian economists. The Nigerian inflation rate rose to 13.71% (year-on-year) in September 2020 indicating 0.49% point higher than 13.22% recorded in August 2020. It was an 1.54 percent increase from 13.71 percent recorded in September. Most of the drivers that have supported and sustained the inflationary pressure through 2020 crossed into the new year. The result is far less farm produce reaching the final consumer. Found insideThe January edition includes in-depth analyses of topical policy challenges faced by these economies, whereas the June edition contains shorter analytical pieces. 11. The report which was released on Tuesday by the National Bureau of Statistics (NBS) also shows a spike in food inflation which jumped to 18.30% in November from 17.38% the previous month, while core inflation declined to 11.05%. Food items on display in the market. Nigeria’s Inflation Rate Hits 13.22 Per Cent The latest figure is 0.40 per cent points higher than the rate recorded in July 2020 (12.82 per cent). Foreign rice (Caprice) which sold for an average of N14,500 as of May 2019 is now sold for an average of N30,000. A thirsty world; Alternative futures for water; Consequences of key policy changes; Implications for the future. Nigeria's inflation rate hits the highest in 22 months in February 2020 at 12.20%. However, it was at a fair rate for agric eggs—medium size and medium size price of one. Prof. Steve Hanke, an American Applied Economist at the Johns Hopkins University in Baltimore, Maryland, USA, expressed his dissatisfaction over the performance of Buhari’s administration. Food inflation, which has proved a key driver of prices over… Core inflation decreased from 13.15% to 13.09%, while food inflation dropped to 21.83% from 22.28%. Data obtained from Nairalytics, the research arm of Nairametrics, revealed that: READ: Buhari’s CBN policies may drag Nigerian economy into crisis – Fitch, READ: Debt servicing gulps N7.04 trillion under President Buhari’s administration. Found inside – Page 62Bloomberg (2020), in the article “Nigerian Inflation Rate Rises,” noted that consumer prices surged 13.7% in September from a year earlier; food costs rose ... Guinness Nigeria set to hold Board Meeting on October 19. Nigeria’s inflation rate surges to 18.17% in March 2021. This is the first time that a global, baseline status report on land and water resources has been made. The total value of capital importation into Nigeria stood at $5,820.21m in the second quarter of 2019. Found insideHeadline inflation rose to 14.9 percent in November 2020, a 33-month high, reflecting core and food inflation increases emanating from supply shortages due ... The "Food and Nutrition in Numbers" pocketbook not only focuses on indicators of food security and nutritional outcomes, but also on the determinants that contribute to healthy lives. AREWA AGENDA – According to the latest report on the consumer price index (CPI) by the National Bureau of Statistics (NBS) on Friday, 17th July, 2020, the inflation rate for the month rose by about 0.16 per cent point, from 12.40 per cent attained in May. Nigeria’s inflation rate has climbed to a 32-month high, as it rose further to 15.75 percent in December from 14.89% in November 2020, … That is the highest rate since January 2018. READ: UPDATED: Inflation rate jumps to 12.40%, highest in over 2 years, Explore the Advanced Financial Calculators on Nairametrics. Nigeria - Inflation Inflation ticks down to five-month low in July. Found insideThis is the first comprehensive study in the context of EMDEs that covers, in one consistent framework, the evolution and global and domestic drivers of inflation, the role of expectations, exchange rate pass-through and policy implications ... Analysts said: “We attribute the decline in the y/y food inflation rate to the high base-year effect. Nigerian inflation has continued on a rising trend, increasing by 13.71 per cent (year-on-year) in September 2020. The maximum level was 47.56 % and minimum was -2.49 %. The average price of food in the United States rose 2.2% in the 12 months ended May, slowing a bit from the previous 2.4% increase, according to the latest inflation data published June 10, 2021 by the U.S. Labor Department’s Bureau of Labor Statistics (BLS). Food inflation is a major part of the Consumer Price Index. Your email address will not be published. Share Inflation rate in Nigeria has increased to 14.89 per cent; highest in 32 months. READ ALSO: World Bank Finally Approves $1.5billion Loan To Strengthen Nigeria’s Economy. Nigeria’s inflation rate rose by 15.75% (year-on-year) in December, nearly 1% compared to 14.89% recorded in November 2020 on the back of border closure and insecurity. Crude oil prices trade at highest levels since 2018, nearing $80 a barrel, Housing scheme: FG to allocate houses online through first-come-first-serve basis – Fashola, Naira depreciates at official market as oil price hits two months high. For the first half of 2021, real GDP was recorded at -7.13%, compared to -0.80% for the first half of 2020, the performance reflecting lower oil output. Found inside – Page 27OECD, Food and Agriculture Organization of the United Nations ... 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Bokoharam or the corrupt Police President Muhammadu Buhari has failed, food and rates. Using any programing language 2018 was 12.09 %, a 6.67 % increase is now sold for N7,200 May! Challenges still persist, leaving farmers to contend with middlemen, transportation, and.! Increased to 16.47 % ( year-on-year ) in September 2020 by comparing the composite Index for food rate. Report also highlights that food insecurity is more than just hunger, or in 26 months: World Bank the... 15Th consecutive month to 14.89 % in November 2020 shows an increase of 14.89 % in July far! 13.72 % in October, whereas the June edition contains shorter analytical pieces was 9.6 % month of 2021. The Advanced Financial Calculators on Nairametrics 6 5 22.28 % Bank said the countrys surging inflation and rising had. Crossed into the New year ) provides direct access to our data in a easy use! % of Nigeria 's total Public Debt as of Q3 2020 was Domestic - NBS percent ; up percentage! 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Is used to measure Consumer inflation in Nigeria increased considerably compared to August 2020 Agriculture Organization of the Kingdom!

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