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.”

Price Of Cooking Gas Soars By 83.62% In One Year – NBS

A file photo of a 25kg cooking gas jar

 

The National Bureau of Statistics (NBS) on Friday disclosed in its report that the average retail price of cooking gas increased by 83.62 per cent from N2057.71 in March 2021.

The March 2022 report also revealed the average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) stood at N3778.30 in March 2022 from N3708.58 recorded in February 2022 showing an increase of 1.88 per cent month-on-month.

According to state profile analysis, the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) was recorded in Ekiti with N4200.00, followed by Niger with N4163.33 and Imo with N4150.00.

 

Photo Credit: National Bureau of Statistics, March 2022.

 

Meanwhile, Adamawa recorded the lowest average price with N2604.01 followed by Yobe and Kano recording N2740.00 and N300.00 respectively.

In addition, prices analyzed by zones show that the average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) was highest in the South-East with N992.56 followed by South-West with N3900.55 and South-South with N3877.08, while North-East recorded the lowest average retail price was the with N3419.37.

 

Photo Credit: National Bureau of Statistics, March 2022

 

Similarly, the average retail price of a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) by zones showed that the average retail price was highest in the South-West with N7892.40 followed by the North-Central and North-West
with N7657.22 and N7533.91 respectively.

The South-South Zone recorded the lowest price with N7091.61.

Nigeria’s GDP Grew By 3.98% In 2021 Q4 – NBS

NBS Briefing

 

The National Bureau of Statistics says Nigeria’s GDP grew by 3.98% in Q4 2021, sustaining a positive trajectory.

“Nigeria Gross Domestic Product (GDP) grew by 3.98%(year-on-year) in real terms in the fourth quarter of 2021, showing a sustained positive growth for the fifth quarter since the recession witnessed in 2020 when output contracted by -6.10% and -3.62% in Q2 and Q3 of 2020 under the COVID pandemic. The fourth-quarter growth indicates a steady economic recovery accounting for an annual growth of 3.40% in 2021,” a report by the NBS disclosed on Thursday.

It further stated that the Q4 2021 growth rate was higher than the 0.11% growth rate recorded in Q4 2020 by 3.87% points and lower than 4.03% recorded in Q3 2021 by 0.05% points.

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Nevertheless, the report noted that quarter on quarter, real GDP grew at 9.63% in Q4 2021 compared to Q3 2021, reflecting a higher economic activity than the preceding quarter. In the quarter under review, aggregate GDP stood at N49,276,018.23 million in nominal terms.

This performance is higher when compared to the fourth quarter of 2020 which recorded aggregate GDP of N43,564,006.29 million, indicating a year-on-year nominal growth rate of 13.11%.

The nominal GDP growth rate in Q4 2021 was higher relative to 10.07% growth recorded in the fourth quarter of 2020 but lower compared to 15.41% growth recorded in the preceding quarter. 2021 annual nominal growth stood at 13.92%.

A further breakdown of the report showed that in the fourth quarter of 2021, Nigeria recorded an average daily oil production of 1.50 million barrels per day (mbpd), lower than the daily average production of 1.56 mbpd recorded in the same quarter of 2020 by 0.06mbpd and lower than the third quarter 2021 production volume of 1.57mbpd by 0.07mbpd.

The non-oil sector grew by 4.73% in real terms during the reference quarter (Q4 2021).

This rate was higher by 3.05% point compared to the rate recorded same quarter of 2020 and 0.71% point lower than the third quarter of 2021.

This sector was driven in fourth quarter 2021 mainly by Agriculture (crop production); trade; Information and Communication (Telecommunication); and Financial and Insurance (Financial Institutions), accounting for positive GDP growth. In real terms, the Non-Oil sector contributed 94.81% to the nation’s GDP in fourth quarter 2021, higher from share recorded in the fourth quarter of 2020 which was 94.13% and higher than the third quarter of 2021 recorded as 92.51%.

The annual contribution in 2021 was 92.76%.

Nigeria’s Inflation Rate Rises To 15.63% In December 2021

A file photo of a woman at a market.

 

Nigeria’s inflation rate has risen to 15.63 percent in December 2021 from 15.50 percent recorded in November.

The Statistician-General of the Federation, Dr. Simon Harry, disclosed this on Monday during a press briefing at the National Bureau of Statistics, Abuja.

Data from the NBS showed that headline inflation has been on a downward trajectory since April 2021.

However, the trend was broken in December when year-on-year inflation climbed 0.23 points higher than the figure recorded in November.

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“However, it may interest you to note that this trend has been broken by the slight change in the month of December 2021 as the inflation rate for all items for the month increased to 15.63 per cent, year-on-year,” he said during the press conference.

“Although, this is a decline when compared to the corresponding month in 2020 which recorded 15.75 per cent.

“This trend clearly shows an increase from 15.40 per cent recorded in the month of November 2021 to 15.63% in December 2021. This is 0.23 per cent points higher than the rate recorded in November 2021.”

According to the Statistician-General of the Federation, the change in the declining trend might have been caused by the increase in prices of goods and services driven by increased demand during the month under review, being a festive season.

Nigeria’s Inflation Rate Drops To 15.4% –  NBS

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.

 

Nigeria’s annual inflation rate has dropped for the seventh straight month to 15.4 per cent in November as against 15.99 percent reported in the previous month. 

This is according to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report released by the agency on Wednesday.

The new figure represents a 2.77 percentage point decline since March when the inflation rate hit 18.17 per cent.

“The consumer price index, (CPI) which measures inflation increased by 15.40 per cent (year-on-year) in November 2021. This is 0.51 percent points higher than the rate recorded in November 2020 (14.89) per cent,” the report added.

“Increases were recorded in all COICOP divisions that yielded the Headline index. On a month-on-month basis, the Headline index increased by 1.08 percent in November 2021, this is a 0.10 per cent rate higher than the rate recorded in October 2021 (0.98) per cent.

“The percentage change in the average composite CPI for the twelve months period ending November 2021 over the average of the CPI for the previous twelve months period was 16.98 per cent, showing 0.02 percent point from 16.96 per cent recorded in October 2021.”

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Furthermore, the NBS report indicated that the urban inflation rate rose by 15.92 per cent (year-on-year) in November 2021 from 15.47 per cent in November 2020.

This is just as the rural inflation level jumped by 14.89 per cent in November 2021 from 14.33 per cent in November 2020.

“On a month-on-month basis, the urban index rose by 1.12 per cent in November 2021, up by 0.10 the rate recorded in October 2021 (1.02) per cent, while the rural index also rose by 1.04 per cent in November 2021, up by 0.09 the rate that was recorded in October 2021 (0.95) per cent,” it added.

“The corresponding twelve-month year-on-year average percentage change for the urban index is 17.55 percent in November 2021. This is higher than 17.53 per cent reported in October 2021, while the corresponding rural inflation rate in November 2021 is 16.42 percent compared to 16.39 per cent recorded in October 2021.”

Nigeria’s Inflation Rate Drops Further To 17.01% In August – NBS Report

Nigeria’s inflation rate has dropped by 0.37 per cent to 17.01 per cent, the National Bureau of Statistics has said in its latest report.

 

Nigeria’s inflation rate has dropped by 0.37 per cent to 17.01 per cent (year-on-year) in August, from the 17.38 per cent recorded in July.

This was disclosed in the Consumer Price Index report just released by the National Bureau of Statistics.

According to the report, composite food index also dropped to 20.30 per cent against 21.03 per cent in July.

“This rise in the food index was caused by increases in prices of bread and cereals, milk, cheese and egg, oils and fats, Potatoes, yam and other tuber, food products n.e.c, meat and coffee, tea and cocoa,” the report read in part.

At the same time, the country’s urban inflation rate fell to 17.59 per cent year-on-year, from 18.01 per cent recorded two months ago, rural inflation rate tapered to 16.43 per cent from a previous 16.75 per cent, while core inflation, which excludes the prices of volatile agricultural produce dropped by 0.31 per cent to 13.41 per cent in from 13.72 per cent recorded in July.

“The corresponding twelve-month year-on-year average percentage change for the urban index is 17.19 per cent in August 2021. This is higher than 16.89 per cent reported in July 2021, while the corresponding rural inflation rate in August 2021 is 16.03 per cent compared to 15.73 per cent recorded in July 2021,” the report further stated.

Nigeria’s Headline Inflation Drops To 17.93%, But Food Prices Rise

A file photo of a food trader at a market in Akure, the Ondo State capital.

 

Nigeria’s headline inflation dropped for the second consecutive month in May, but the prices of food have continued to surge.

Latest data published by the National Bureau of Statistics (NBS) on Tuesday indicates that the Consumer Price Index (CPI), which measures inflation, increased by 17.93 per cent (year-on-year) in the fifth month of the year 2021.

While this is 0.19 per cent points lower than the 18.12 per cent recorded in April, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

On a month-on-month basis, the headline index increased by 1.01 per cent in May, representing higher percentage points of 0.04 than the rate recorded in the previous month (0.97 per cent).

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“The percentage change in the average composite CPI for the 12 months period ending May 2021 over the average of the CPI for the previous 12 months period was 15.50 per cent, showing a 0.46 percent point rise from 15.04 per cent recorded in April 2021,” the NBS data titled CPI Report May 2021 read.

Source: NBS

 

Similarly, the urban inflation rate rose to 18.51 percent (year-on-year) in May from 18.68 per cent recorded in April, just as the rural inflation rate stood at 17.36 per cent in May from the 17.57 per cent previously reported.

The urban index rose to 1.04 per cent in May – up by 0.05 per cent points (on a month-on-month basis) – compared to the rate recorded in April (0.99 per cent), while the rural index rose to 0.98 per cent in May – up by 0.03 points – compared to the 0.95 per cent recorded in April.

According to the report, the corresponding 12-month year-on-year average percentage change for the urban index is 16.09 per cent in May – higher than the 15.63 per cent reported in April while the corresponding rural inflation rate in May is 14.94 per cent compared to the 14.48 per cent recorded in the previous month.

 

Food Prices On The Rise

The composite food index, on the other hand, rose by 22.28 per cent in May as against the 22.72 per cent reported in April.

This rise in the food index, the NBS explained, was as a result of increases in prices of bread, cereals, milk, cheese, eggs, fish, soft drinks, coffee, tea and cocoa, fruits, meat, oils and fats, and vegetables.

It disclosed that the food sub-index increased by 1.05 per cent in May from the 0.99 per cent recorded in April, on a month-on-month basis.

“The average annual rate of change of the Food sub-index for the 12-month period ending May 2021 over the previous 12-month average was 19.18 per cent, 0.60 percent points from the average annual rate of change recorded in April (18.58) per cent,” said the report.

Source: NBS

 

The core inflation, also known as ‘all items less farm produce’, which excludes the prices of volatile agricultural produce, stood at 13.15 per cent in May as against the 12.74 per cent recorded in April.

On a month-on-month basis, the core sub-index increased by 1.24 per cent in May 2021, up by 0.25 per cent when compared with the 0.99 per cent recorded in the previous month.

According to the NBS, the highest increases were recorded in prices of pharmaceutical products, garments, shoes and other footwear, hairdressing salons and personal grooming establishments, furniture and furnishing, as well as carpet and other floor coverings.

Others are motor cars, hospital services, fuels and lubricants for personal transport equipment, cleaning, repair and hire of clothing, other services in respect of personal transport equipment, gas, household textile and nondurable household goods.

The average 12-month annual rate of change of the index was 11.50 per cent for the 12-month period ending in May – representing 0.25 per cent points compared with the 11.25 per cent recorded in April.

Nigeria’s GDP Records 0.51% Growth In 2021 First Quarter

Nigeria records another GDP growth for the second consecutive quarter.

 

Nigeria’s Gross Domestic Product (GDP) has recorded a growth of 0.51 per cent (year-on-year) in real terms in the first quarter of 2021.

The National Bureau of Statistics (NBS) disclosed this in the latest Nigerian Gross Domestic Product Report released on Sunday.

It noted that the new figure represented two consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.

The rate of growth recorded in the first quarter of 2021 was slower than the 1.87 per cent rate recorded in the first quarter of 2020.

However, the figure was higher than the 0.11 per cent recorded in the fourth quarter of 2020, indicative of a slow but continuous recovery.

 

“Nevertheless, quarter on quarter, real GDP grew at -13.93% in Q1 2021 compared to Q4 2020, reflecting a generally slower pace of economic activities at the start of the year.

“In the quarter under review, aggregate GDP stood at N40,014,482.74 million in nominal terms. This performance is higher when compared to the first quarter of 2020 which recorded aggregate GDP of N35,647,406.08 million, indicating a year-on-year nominal growth rate of 12.25 per cent,” the report read.

It added, “The nominal GDP growth rate in Q1 2021 was higher relative to 12.01 per cent growth recorded in the first quarter of 2020, as well as the 10.07 per cent growth recorded in the preceding quarter.

“For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.”

The GDP report revealed that the oil sector contracted by 2.21 per cent, compared to the -19.76 per cent recorded in the fourth quarter of 2020, while non-oil GDP grew 0.79 per cent, lower than the 1.69 per cent positive growth in the preceding quarter.

 

According to the NBS, the growth in the non-oil sector was driven mainly by the Information and Communication (Telecommunication) sector.

Other drivers included agriculture (crop production); manufacturing (food, beverage, and tobacco); real estate; construction, human health and social services.

“In real terms, the non-oil sector accounted for 90.75 per cent of aggregate GDP in the first quarter of 2021, higher than its share in the first quarter of 2020 which was 90.50 per cent but lower than 94.13 per cent recorded in the fourth quarter of 2020,” the report said.

The second consecutive real GDP growth showed that the economy was slowly recovering after slipping into a recession following the negative growth rates recorded in the second and third quarters of 2020.

NBS Report: APC Govt Is Lying About Job Creation, Says PDP

Ex-Adamawa Deputy Governor Tahir Dumps PDP For APC
A photo combination of the PDP and APC logos.

 

The Peoples Democratic Party (PDP) has accused the All Progressives Congress (APC) led the Federal Government of lying to Nigerians about employment and job creation.

It made the allegation in a statement on Tuesday by its National Publicity Secretary, Kola Ologbondiyan, in reaction to the report by the National Bureau of Statistics (NBS) on the unemployment rate in the country.

Channels Television had reported that the 33.3 per cent recorded in the fourth quarter of 2020 was 6.2 per cent higher than the 27.1 per cent recorded in the second quarter last year.

The main opposition party believes the latest figure of the unemployment rate is a direct confirmation that the claims of massive job creation by the present administration are mere statistic hoax being used to deceive the people.

It alleged that the report by the NBS, that millions of able-bodied Nigerians have lost their jobs and means of livelihood while many more have become underemployed, have shown the sad situation that the government has brought the nation.

“The rise in unemployment from the alarming 27.1 per cent in Q2, 2020 to 33.3 per cent in Q4 2020, despite the bogus claims of the APC administration, confirms that indeed, there is no hope in sight under the Buhari Presidency and the APC.

“It is clear that the direct cause of the escalating unemployment is the incompetence, as well as the widespread corruption and treasury looting in the Buhari administration, where APC leaders are reported to have looted over N15 trillion, which should have been used to create wealth, develop our country and provide jobs for our citizens,” the PDP claimed.

It condemned the situation in which the unemployment rate among the youths within the age of 15 to 34 years had risen to 42.5 per cent.

The opposition party said that it was obvious that the Federal Government created jobs only in its alleged fake statistics while in reality, it was taking no concrete steps to empower the hard-working citizens.

“More frustrating is that the APC and its administration have promoted a huge racket where Nigerians are deceived to pay for non-existent jobs in ministries, departments, and agencies at alarming costs, ranging between N2 million to N6 million, depending on the agency.

“The APC administration, in its corruption, is allowing such evil enterprise, while millions of Nigerians are weeping on the streets after being defrauded of their hard-earned money, lifesaving, and pensions of aged parents by job fraudsters in official circles,” it alleged.

Nigeria’s Inflation Rate Hits 17.33%, Highest In Four Years

Increases were recorded in all COICOP divisions that yielded the Headline index.

 

Nigeria’s inflation rate has risen to 17.33% in February from 16.47% recorded in January.

This is the highest point since April 2017.

According to the CPI/Inflation report released by the National Bureau of Statistics (NBS) on Tuesday, the food inflation stood at 21.79 percent, the highest point since the 2009 data series began.

“The consumer price index, (CPI) which measures inflation increased by 17.33 percent (year-on-year) in February 2021. This is 0.86 percent points higher than the rate recorded in January 2021 (16.47) percent.

READ ALSO: Nigeria’s Unemployment Rate Rises To 33.3% In Q4 2020

“Increases were recorded in all COICOP divisions that yielded the Headline index. The urban inflation rate increased by 17.92 percent (year-on-year) in February 2021 from 17.03 percent recorded in January 2021, while the rural inflation rate increased by 16.77 percent in February 2021 from 15.92 percent in January 2021,” NBS reported.

A file photo of a resident at a market in Akure, Ondo State. Photo: Sodiq Adelakun
The upward movement in food inflation, NBS said was caused by increases in the prices of bread, cereals, fish, potatoes, yam, and other tubers.

 

On a month-on-month basis, the Headline index increased by 1.54 percent in February 2021, this is a 0.05 percent rate higher than the rate recorded in January 2021 (1.49 percent).

Also, the percentage change in the average composite CPI for the twelve months period ending February 2021 over the average of the CPI for the previous twelve months period was 14.05 percent, showing a 0.43 percent point from 13.62 percent recorded in January 2021.

According to the NBS, the headline inflation for month-on-month also increased to 1.89 percent from 1.83 percentage points.

The upward movement in food inflation, NBS said was caused by increases in the prices of bread, cereals, fish, potatoes, yam, and other tubers, vegetables, meat, oils and fats, fruits, and food products.

Meanwhile, core inflation, which excludes the prices of agricultural items, increased to 12.38 percent in February compared to 11.85 percent in January 2021.

In terms of states, Kogi, Bauchi, and Ebonyi states recorded the highest inflation growths while Kwara, Enugu, and Cross River states saw the slowest rise in inflation for the period under review.

Inflation Hits 16.47%, Highest Since April 2017

This is the highest since April 2017.

 

The National Bureau of Statistics on Tuesday revealed that Consumer Price Index which measures inflation has increased by 16.47% in January 2021.

This is the highest since April 2017.

The report also shows that food prices, food inflation also rose to 20.57 per cent in January while core inflation, which excludes the price of volatile agricultural produce stood at 11.85%.

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“The percentage change in the average composite CPI for the twelve months period ending January 2021 over the average of the CPI for the previous twelve months period was 13.62 percent, representing a 0.37percentage point increase over 13.25 percent recorded in December 2020.

“The urban inflation rate increased by 17.03 percent (year-on-year) in January 2021 from 16.33 percent recorded in December 2020, while the rural inflation rate increased by 15.92 percent in January 2021 from 15.20 percent in December 2020,” NBS said.

The NBS added that the upward movement in food inflation was caused by increases in the prices of bread, cereals, potatoes, yam and other tubers, meat, fruits, oils and fats, vegetables, and fish.

“This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils, and Fats.

“On month-on-month basis, the food sub-index increased by 1.83 percent in January 2021, down by 0.22 percent points from 2.05 percent recorded in December 2020,” NBS said.

Core inflation, which excludes the prices of agricultural items, stood at 11.85 percent in January 2021, up by 0.48 percentage points when compared with 11.37 percent recorded in December 2020.

On a year-on-year basis, food inflation was highest in Kogi (26.64 percent), Oyo (23.69 percent), and River (23.49 percent), while Ondo (17.20 percent), Abuja (16.73 percent), and Bauchi (16.37 percent) recorded the slowest rise.

Nigeria’s Foreign Capital Importation Drops To $9.68bn

File photo of a seaport in Lagos, Nigeria.

 

The total value of capital importation into Nigeria has recorded a huge decline from $23.9 billion recorded in 2019 to $9.68 billion in 2020, the lowest in three years.

According to the data released by the National Bureau of Statistics (NBS) on Friday, this is a decline of 59.65 per cent between 2019 and 2020.

Foreign capital flow into the country stood at $16.81bn in 2018, the NBS data showed.

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According to the statistics agency in its full-year capital importation report, Nigeria recorded $1.06 billion in the fourth quarter of last year, a 26.81 per cent drop quarter on quarter.

The report shows that the largest amount of capital importation was received through other investments which recorded $783.26 million, followed by foreign direct investment and portfolio investment.

The United Kingdom topped the list of top sources of investment, while Lagos State emerged top destination of capital investment in the review quarter.

“By Destination of investment, Lagos State emerged as the top destination of capital investment in Nigeria in Q4 2020 with $829.64m. This accounted for 77.56% of the total capital inflow in Q4 2020.

“By bank, Citibank Nigeria Limited emerged at the top of capital investment in Nigeria in Q4 2020 with $216.17m. This accounted for 20.21 per cent of the total capital inflow in Q4 2020,” NBS said.