inflation

Nigeria’s Inflation Soars To 20.77 Percent, Highest In 20yrs

Nigeria’s Inflation Soars To 20.77 Percent, Highest In 20yrs

October 18, 2022 5:27 am

The inflation rate of Africa’s most popular country, Nigeria has soared for the eighth consecutive month, smashing a fresh 17-year-high amid rising food and energy costs, and a further depreciating naira.

According to data from the National Bureau of Statistics which was obtained by Africa Daily News, New York, inflation soared to 20.77 percent in September from 20.52 percent recorded in August, the highest since 2005.

Food inflation rose 23.34 percent year-on-year compared with 23.1 percent in August, while core inflation rose to 17.6 percent in September from 17.2 percent in August.

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Inflation: South African Central Bank Hikes Rate Again

Inflation: South African Central Bank Hikes Rate Again

September 22, 2022 9:27 pm

In lieu of the ongoing recession, South Africa’s central bank on Thursday has reportedly raised its benchmark interest rate which saw it going up by a hefty 0.75 percentage points again as it battles to control the inflation in the country.

The move is also coming on the heels of some new rate hikes which had been instigated by the United States Federal Reserve and some of the other central banks in Europe this week as countries scramble to tame galloping consumer prices.

Read Also: Nigerian Civil Servants Mull Salary Increase As Inflation Bites Hard

The South African central bank’s …

The Importance Of Savings

The Importance Of Savings

August 26, 2022 8:22 am

In a time like this when it seems like inflation is sweeping over the world, it might sound a little bit ridiculous to ask someone to save.

There isn’t enough to live by, so why should they even want to save? Beyond the beautiful intention that comes with the idea, it is also important for you to understand the advantages that comes with savings. Some of these advantages does a lot to your mind and your personality. It gives you some confidence and helps you develop some form of ‘peace’ when you know you have some backup in the advent …

Nigerian Civil Servants Mull Salary Increase As Inflation Bites Hard

Nigerian Civil Servants Mull Salary Increase As Inflation Bites Hard

July 30, 2022 12:45 pm

Following the increase in the sale pump price of petroleum products in the Country and some other essential cosumables due to inflation, some of the federal and state Civil Servants have appealed to both Governments to work on the increment of workers’ salaries to reduce their hardships in the Country.

The workers, who had cried out in an interview with the News Agency of Nigeria, in separate interviews on Friday in Katsina, said the appeal was necessary because prices of goods and transportation had also skyrocketed.

A Federal Government worker in Katsina, Abdullahi Balarabe, said that following the hike …

Inflation Surge Global Recession Imminent, IMF Warns

Inflation Surge: Global Recession Imminent, IMF Warns

July 27, 2022 3:21 am

Surging inflation and severe meltdowns in the United States and China on Tuesday pushed the International Monetary Fund, IMF to downgrade its outlook for the global economy this year and next, while giving an even grimmer assessment of what may lie ahead.

‘The outlook has darkened significantly since April,” said IMF chief economist Pierre-Olivier Gourinchas. ‘The world may soon be teetering on the edge of a global recession, only two years after the last one.’

‘The world’s three largest economies, the United States, China, and the euro area are stalling with important consequences for the global outlook,’ he said …

Angry Biden Lambasts Oil Industry Over Fuel Costs

Angry Biden Lambasts Oil Industry Over Fuel Costs

June 16, 2022 4:23 am

The President of the United States, Joe Biden yesterday chastised the oil industry over the recent soaring fuel prices which have now sparked off a 40-year high inflation, warning of unspecified emergency measures.

The letter which was obtained by Africa Daily News, New York on Thursday morning was sent to seven major oil corporations. It was Biden’s most direct salvo yet in a campaign to blame the industry for stoking price increases.

Average fuel prices are now $5 a gallon for drivers in the United States, up from $3 a year ago, and the spike is reverberating through the entire …

SSACGOC Urges FG To Address Inflation

SSACGOC Urges FG To Address Inflation

May 2, 2022 8:20 am

The Senior Staff Association of Statutory Cooperation and Government Owned Companies (SSACGOC) have urged the Federal Government to address the issue of inflation in order to improve the economic indices in the country.

Mr Kayode Alakija, SSACGOC President General made the call while speaking with newsmen on the need for improved welfare packages for the Nigerian workers, on Monday in Abuja.

Alakija was only recently elected as the President General of the association alongside other officials.

Alakija said the continuous devaluation of the Naira was worrisome as it affects the cost of commodities and services that had taken its toll …

Kenya Increases Minimum Wage As Inflation Stings

Kenya Increases Minimum Wage As Inflation Stings

May 2, 2022 2:56 am

Kenyan President Uhuru Kenyatta have announced a 12% increase in the minimum wage as the East African country confronts a surge in the cost of living.

Africa Daily News, New York reports that inflation in Kenya jumped to a seven-month high in April, majorly as a result of skyrocketing fuel and food prices, according to official figures.

‘As a caring government, we find there is a compelling case to review the minimum wages so as to cushion our workers against further erosions,’ Kenyatta said at a Labour Day rally.

He said the 12 percent increase would come into effect from …

Elumelu Cries Out Over Hardship, Poverty In Nigeria

Elumelu Cries Out Over Hardship, Poverty In Nigeria

March 17, 2022 1:24 pm

Nigerian Economist, businessman and serial entrepreneur, Tony Elumelu on Thursday decried the worsening electricity, hike in prices of diesel, and its effect on businesses in the country saying the situation was getting out of hand.

The CEO of Heirs Holdings made these assertions in a series of tweets where he pointed out that businesses are suffering under the situation with Nigerian citizens groaning under food inflation as well.

‘How can a country so rich in natural resources have 90% of its citizens living in hardship and poverty?,’ Elumelu said.

‘This morning, I am listening to my colleagues at the office …

Sudan Inflation Soars Above 400% As Discontent Grows

Sudan Inflation Soars Above 400% As Discontent Grows

July 19, 2021 2:39 am

The economic fortunes of Sudan have worsened as inflation has now jumped to more than 400 percent, even as popular discontent over rising prices after a series of IMF-backed economic reforms continues to brew.

Quoting a government statement, a local media outfit -SUNA said; ‘The annual inflation reached 412.75 percent in June, compared with 378.79 percent in May’.

According to SUNA said the latest spike in the inflation rate was because of price hikes including on food.

Read Also: More Trouble For Nigeria As Inflation Rate Hits 18.17%

Sudan has been going through a rocky transition since the April …

More Trouble For Nigeria As Inflation Rate Hits 18.17%

More Trouble For Nigeria As Inflation Rate Hits 18.17%

April 15, 2021 11:54 pm

Nigeria’s economic woes are far from over as the National Bureau of Statistics (NBS), yesterday announced that the inflation rate has risen to 18.17 percent in March 2021.

The new rate is 0.82 percent higher than the 17.33 per rate it was as at February 2021.

Its data titled: ‘Consumer Price Index March 2021(Base Period December 2009=100)’.

According to the document said: ‘The consumer price index, (CPI) which measures inflation increased by18.17percent (year-on-year) in March 2021.

Read Also: FG, States’ Debt Profile Rise To ₦32.92trn — NBS

‘This is 0.82 percent points higher than the rate recorded in …

Inflation

Nigeria’s Inflation Rises To 11.61%

November 19, 2019 2:56 am
National Bureau of Statistics (NBS) yesterday, said that inflation rose by 11.61 per cent (year-on-year) in October 2019 from 11.24 per cent recorded in September, 2019 with major increases recorded in food. On a year-on-year basis, the composite food index rose by 14.09 per cent in October 2019 compared to 13.51 per cent in September 2019. 

“This rise in the food index was caused by increases in prices of meat, oils and fats, bread and cereals, potatoes, yam and other tubers, fish and vegetables. On a month-on-month basis, the food sub-index increased by 1.33 per cent in October 2019, up …

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