Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. This is the highest rate recorded in the country since May 2018, which was 11.61%.
Nigeria Inflation January 2020. The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rose from 40.7 in May to 46.4 in June. Nigeria’s inflation rate rose further in June 2020 to 12.56% (year-on-year), 0.16% points higher than the rate recorded in May 2020 (12.4%). Consumer prices rose 1.21% in June over the previous month, marginally above May's 1.17% increase. Nigeria’s inflation rate hits 12.56% ― NBS . Nigeria: Inflation rises to 21-month high at turn of 2020. Nigeria’s inflation rate has increased from 11.98% recorded in December 2019 to 12.13% in January 2020. On July 17, 2020 1:35 pm In Business by Victor Ogunyinka. February 17, 2020. In our January 2020 outlook, we explored the path of inflation for the year using three scenarios.
However, our base case has been the more realistic outcome following the suspension of the proposed new electricity tariff due to the impact of the pandemic on disposable incomes, although the exchange rate has been devalued by 15.0%. Nigeria’s inflation rate rises to 12.56% – NBS: The National Bureau of Statistics (NBS) has stated that the Consumer Price Index, (CPI) which measures inflation increased to 12.56 per cent year-on-year in June 2020. The Central Bank of Nigeria (CBN) weakened the official exchange rate for the second time on 7 July amid pressure from international lenders and investors to unify its multiple exchange rates. Core Inflation Rate in Nigeria averaged 10.21 percent from 2007 until 2020, reaching an all time high of 19.28 percent in January of 2007 and a record low of 0.49 percent in March of 2008. Eid-el-Adha, which literal...A former British football coach branded “sheer evil” (paedophile) by the judge who jailed him for abusing 12...Cloud services are critical for SMEs in the current environment, but they require experienced advisory and a comprehensi...DESPITE several weeks of closure of its centres across the globe due to COVID-19 pandemic, Porcche still delivered 116,9... Rights defender demands immediate investigation, prosecution By Egufe Yafugborhi HUMAN rights defender, Prince Wi...Nigerian Stock Exchange, NSE, on Tuesday, halted the over a month losing streak as investors gained N232 billion propell...Finnish telecommunications equipment provider Nokia said Friday it had returned to profit in the second quarter and hike...AUSTRALIAN Prime Minister, Scott Morrison, sparked off quite a controversy when he rejected the historical truth that th...The search for the best people to assume important positions remains the first task of any national leader because on th...America’s 16th President left that observation carved in stone for prominent Nigerians who now must apologise publicly f...This Christmas season I had intended to engage in a critical investigation of religion given the powerful theological si...Another crucial point against the amalgamation is the extremely selfish, myopic and immoral reasons British imperialists...We all die. Inflation rises to 21-month high at turn of 2020 Consumer prices rose 0.87% on a month-on-month basis in January, up from December’s 0.85% increase. Consumer prices rose 0.87% on a month-on-month basis in January, up from December’s 0.85% increase. A Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etcThe NBS made this known in its CPI and Inflation Report for June released on Friday.It stated that the report showed that June inflation was 0.16 per cent points higher than the rate recorded in May which was 12.40 per cent.It, however, disclosed that the increases were recorded in allClassification of Individual Consumption by Purpose(COICOP) divisions that yielded the headline index.The bureau explained that on a month-on-month basis, the headline index increased by 1.21 per cent in June and this was 0.04 per cent rate higher than the rate recorded in May which was 1.17 per cent.It said the percentage change in the average composite CPI for the twelve months period ending June, over the average of the CPI for the previous twelve months period, was 11.90 per cent, representing a 0.11 per cent point increase from 11.79 per cent recorded in May 2020.The NBS noted that the urban inflation rate increased by 13.18 per cent year on year in June from 13.03 per cent recorded in May 2020 while the rural inflation rate increased by 11.99 per cent in June 2020 from 11.83 per cent in May 2020.According to the bureau, on the month on month basis, the urban index rose by 1.23 per cent in June 2020 up by 0.05 from 1.18 per cent recorded in May 2020 and the rural index also rose by 1.19 per cent in June up by 0.03 from the rate recorded in May 2020 which was 1.16 per cent.It stated that the corresponding 12 months a year on year average percentage change for the urban index was 12.50 per cent in June 2020.It added that this was higher than 12.36 per cent reported in May 2020 while the corresponding rural inflation rate in June 2020 was 11.36 per cent compared to 11.26 per cent recorded in May 2020.MILLIONS of Muslims around the world are celebrating the Eid-el-Adha religious holiday today.
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