Nigeria’s Inflation Rate Surges To 19.64%

A file photo taken at a food market. A large percentage of poor Nigerians live in the rural areas where the predominant occupation is farming.
A file photo showing traders at a food market.


The country’s Consumer Price Index (CPI), which measures the level of price change in goods and services, hit 19.64 percent in July 2022 from the 18.60 percent recorded in the last month.

This means a 1.82% month-on-month hike, according to the (CPI) report for July 2022 released by the National Bureau of Statistics (NBS) on Monday.

“On a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %),” the NBS added.

“The percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021.”

According to the NBS report, the country’s urban inflation increased by 2.08% to 20.09% in July 2022 from 18.01% in July 2021. On the other hand, the rural inflation rate reached 19.22% from 16.75% in the corresponding period of 2021.

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“On a month-on-month basis, the food inflation rate in July was 2.04%, this was a 0.01% insignificant decline compared to the rate recorded in June 2022 (2.05%),” the agency equally noted in its latest report.

“This decline is attributed to a reduction in the prices of some food items like Tubers, Maize, Garri, and Vegetables.

“The average annual rate of food inflation for the twelve-month period ending July 2022 over the previous twelve-month average was 18.75%, which was a 1.42% points decline from the average annual rate of change recorded in July 2021 (20.16%).”

On inflation rates across states in the country, the report added: “In July 2022, all items’ inflation rate on a year-on-year basis was highest in Akwa Ibom (22.88%), Ebonyi (22.51%), Kogi (22.08%), while Jigawa (16.62%), Kaduna (17.04%) and Borno (18.04%) recorded the slowest rise in headline Year-on-Year inflation.

“However, on a month-on-month basis, July 2022 recorded the highest increases in Adamawa (2.87%), Abuja (2.84%), Oyo (2.77%), while Bauchi (0.82%), Kano (0.83%) and Niger (1.03%) recorded the slowest rise on month-on-month inflation.”

Nigeria’s Inflation Rate Falls For Ninth Consecutive Time

Nigeria's GDP Falls 2.24% In 3rd Quarter of 2016

For the ninth consecutive time, Nigeria’s inflation rate measured by Consumer Price Index (CPI) has eased further.

The National Bureau of Statistics (NBS) in its “CPI October 2017 Report’’ released on Wednesday, November 15 in Abuja says Nigeria’s inflation rate has further dropped to 15.91 percent in October from 15.98 recorded in September.

The data also shows food inflation rose by 20.31 percent, just a soft touch below the 20.32 percent recorded in September. This, the report shows was driven by notable increases in the prices of bread and cereals as well as meats and other food items.

Increases were also recorded, according to the report in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.

Core inflation increased at a faster pace in October, rising by 12.14 percent, versus 12.12 percent in September.

The urban index increased to 16.19 percent, while rural index declined to 15.67 percent in October from 15.81 percent in September.


Nigeria’s Inflation Rises By 11.4% In February

inflationNigeria’s headlines inflation for the month of February has jumped to 11.4% up by 2.6% month-on-month, according to the report just released by the Bureau of Statistics.

Consumer inflation was reported at 9.6% in January, already outside the threshold set for monetary policy considerations by the Central Bank.

Ahead of the release, inflation estimates for February has been put at between 9.7% and 10.1%.

February 2015 Consumer Price Index (CPI)/ Inflation Report released by the National Bureau of Statistics explained, “The faster pace of increases which led to the overall rise in the headline index was recorded across almost all major divisions.

“This contributes to the headline index with the exception of the restaurants and hotels division which increased, albeit at a slower pace.”

According to the statistics office, the food sub-index moved up 1.4% month-on-month to 11.3% in February.

“The food sub-index increased at a faster pace with the exception of potatoes, yams and other tubers and sugar, jam, honey, chocolate and confectionery groups.

“The ‘All Items less Farm Produce’ or Core sub-index, increased at a faster pace in February as imported items as well as other domestic products, resulting in ripple effects across many divisions,” the reports says.

Urban inflation climbed 3.0% to 12.3% and rural inflation reported higher at 10.7% advancing 1.8% last month.


Inflation Rate: FSDH Predicts 9.24% Consumer Price Index

inflationThe National Bureau of Statistics (NBS) is expected to release the inflation rate for the month of January on February 17.

Ahead of the release, analysts at FSDH Research Group are forecasting that the CPI will slow down to 9.24% from 9.55% recorded in December 2015.

The analysts attribute the moderation to the base effect of January 2015 and the drop in commodity prices.

According to FSDH, the price movements in consumer goods and services in January 2016 would increase the composite Consumer Price Index to 181.13 points, representing a month-on-month increase of 0.55%.

Nigeria’s CPI rises by 9.5% in February 2013

Nigeria’s Consumer Price Index (CPI) has increased by 0.5 per cent to 9.5 per cent in February.

Figures from the National Bureau of Statistics (NBS) indicate that relative to January’s figure of 9 per cent, the rise in the headline index could be attributed to increases in farm produce prices owing to limited supplies.

For the period under review, the composite food index increased by 11 per cent to 143.3 points higher than the 10.1 per cent recorded in January.

Higher prices were observed across all classes in the food sub-index, with the fastest rising prices observed in vegetables, fish, bread and cereals, meat, poultry and dairy products.

The all items less farm produce or core index, which excludes the prices of volatile agricultural products, increased by 11.2 per cent slightly lower than 11.3 per cent recorded in January.

The largest contributors to the increase in the core index were rental prices, as well as prices of motor cars, books, and kerosene.