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In a concerning economic development, Nigeria has hit a staggering milestone with its inflation rate skyrocketing to 31.7 per cent in February 2024, marking the highest level witnessed in 28 years. This revelation comes from the latest report released by the National Bureau of Statistics (NBS), shedding light on the country’s escalating economic challenges. The…
According to a report from the National Bureau of Statistics (NBS) released on Monday, Nigeria experienced an increase in its headline inflation rate in September 2023. The headline inflation rate for the month stood at 26.72%, compared to the August 2023 rate of 25.80%. This signifies a 0.92% point increase in the headline inflation rate…
Nigeria’s inflation rate climbed to 25.80% in August 2023, marking a significant increase from the previous month’s figure of 24.08%. This surge is revealed in the Consumer Price Index report for August 2023, released by the National Bureau of Statistics. The report attributes this substantial rise to the removal of petrol subsidies and the devaluation…
The National Bureau of Statistics (NBS) has released its Consumer Price Index (CPI) report for July 2023, revealing a significant uptick in the country’s inflation rate. According to the data, the headline inflation rate experienced a year-on-year increase of 1.29 percentage points, soaring to 24.08 percent in July. This surge marks a notable rise from…
The Central Bank of Nigeria (CBN) has underscored the country’s relatively favourable inflation rate, positioning it comparatively better than many African nations. Speaking at the 2023 Zenith Bank International Trade Seminar, the acting Governor of the CBN, Folashodun Shonubi, represented by Deputy Governor Kingsley Obiorah, highlighted various contributing factors to the global inflation trends. The…