“In January 2022, the urban inflation rate grew to 16.17 percent from 17.03 percent in January 2021, while the rural inflation rate increased to 15.06 percent from 15.92 percent in January 2021.
“On a month-to-month basis, the urban index grew to 1.53 percent in January 2022, down 0.34 percent from the pace of 1.87 percent in December 2021.”
“The rural index also increased to 1.42 percent in January 2022, down 0.35 percent points from 1.77 percent in December 2021,” according to the report.
What is Nigeria’s current inflation rate in 2020?
Food inflation continued to grow, which contributed to the increase. Food inflation, as measured by the composite food index, rose to 17.37 percent in December 2021, down from 19.56 percent in December 2020, according to the NBS.
In 2021, what is the current rate of inflation?
The United States’ annual inflation rate has risen from 3.2 percent in 2011 to 4.7 percent in 2021. This suggests that the dollar’s purchasing power has deteriorated in recent years.
In October 2021, what is the current inflation rate?
Americans who have just gone to the grocery store or begun their holiday shopping may have noticed a rise in consumer costs. According to the Consumer Price Index, the annual rate of inflation in the United States reached 6.2 percent in October 2021, the highest in more than three decades (CPI). Other inflation indicators have also increased significantly in recent months, though not to the same amount as the CPI.
Understanding why inflation has risen so swiftly should help policymakers figure out how long the spike will stay and what, if anything, they should do about it. The recent increase in inflation looks to be fundamentally different from previous bouts of inflation that were more directly linked to the regular business cycle. Continued disruptions in global supply chains due to the coronavirus pandemic; labor market turmoil; the fact that today’s prices are being compared to prices during last year’s COVID-19-induced shutdowns; and strong consumer demand after local economies were reopened are some of the explanations offered so far.
Why is Nigeria’s inflation so high?
The National Bureau of Statistics reported Wednesday that Nigeria’s inflation rate declined for the eighth consecutive month in November to 15.40 percent, down from 15.99 percent a month earlier, despite continued increases in food costs.
The Consumer Price Index, which measures the cost of goods and services, climbed by 15.40 percent year over year in November 2021, according to the statistics office.
This is 0.51 percentage points higher than the rate of 14.89 percent in November 2020.
“According to the report, “increases were reported in all COICOP divisions that provided the Headline index.”
“The Headline index climbed by 1.08 percent month over month in November 2021, which is 0.10 percent higher than the rate of 0.98 percent in October 2021.”
According to the agency, the composite food index increased by 17.21% in November 2021, compared to 18.30% in November 2020.
According to the NBS, price rises in bread and cereals, fish, food products, potatoes, yams, and other tubers, oil and fats, milk, cheese, and eggs, as well as coffee, tea, and cocoa, contributed to the increase in the food index.
The food sub-index climbed by 1.07 percent month over month in November 2021, up 0.16 percent points from 0.91 percent in October 2021, according to the report.
What is a reasonable rate of inflation?
The Federal Reserve has not set a formal inflation target, but policymakers usually consider that a rate of roughly 2% or somewhat less is acceptable.
Participants in the Federal Open Market Committee (FOMC), which includes members of the Board of Governors and presidents of Federal Reserve Banks, make projections for how prices of goods and services purchased by individuals (known as personal consumption expenditures, or PCE) will change over time four times a year. The FOMC’s longer-run inflation projection is the rate of inflation that it considers is most consistent with long-term price stability. The FOMC can then use monetary policy to help keep inflation at a reasonable level, one that is neither too high nor too low. If inflation is too low, the economy may be at risk of deflation, which indicates that prices and possibly wages are declining on averagea phenomena linked with extremely weak economic conditions. If the economy declines, having at least a minor degree of inflation makes it less likely that the economy will suffer from severe deflation.
The longer-run PCE inflation predictions of FOMC panelists ranged from 1.5 percent to 2.0 percent as of June 22, 2011.
What is the current rate of inflation?
- In January, the consumer price index increased by 0.6 percent, bringing annual inflation to 7.5 percent.
- That was the greatest rise since February 1982, and it outperformed Wall Street’s forecast.
- When adjusted for inflation, workers’ real incomes climbed by only 0.1 percent month over month.
What will be the rate of inflation from 2010 to 2020?
Between 2010 and present, the dollar saw an average annual inflation rate of 2.22 percent, resulting in a total price increase of 30.11 percent.