“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.
What is Nigeria’s current inflation rate in 2022?
Inflation is expected to average 13.6 percent in 2022, according to the FocusEconomics Consensus Projection panel, which is unchanged from last month’s forecast. Inflation is expected to average 11.8 percent in 2023.
Is Nigeria’s GDP growing or shrinking?
Nigeria’s GDP increased by 3.4 percent in 2021, the highest level since 2014. Since President Muhammadu Buhari’s election victory in 2015, this is the first yearly growth rate of more than 3%. The GDP expanded by 6.3 percent in 2014.
In Nigeria, what causes inflation?
As a result, the study concluded that inflation in Nigeria during the analyzed time was driven by import costs being passed through to domestic prices via markup pricing by businesses. The continuation of domestic inflation aided this.
How much is inflation?
Inflation is defined as a rise in the Consumer Price Index (CPI), which is a weighted average of prices for various items. The index’s selection of commodities is determined by which items are regarded representative of a common consumption basket. As a result, the index will include different commodities based on the country and the majority of the population’s purchasing preferences. Some commodities may see a decrease in price, while others may see an increase, hence the overall value of the CPI will be determined by the weight of each good in relation to the entire basket. The percentage change in the CPI from the same month the previous year is referred to as annual inflation.
Are you looking for a forecast? The FocusEconomics Consensus Forecasts for each country cover over 30 macroeconomic indicators over a 5-year projection period, as well as quarterly forecasts for the most important economic variables. Find out more.
Is Nigeria experiencing inflation?
According to the World Bank, Nigeria might have one of the highest inflation rates in the world by 2022, with rising prices reducing the welfare of Nigerian households.
Nigeria is expected to have one of the highest inflation rates in the world in 2022, and the eighth highest among Sub-Saharan African nations, according to the World Bank.
Nigeria is anticipated to have one of the highest inflation rates in the world in 2022, and the ninth highest in Sub-Saharan Africa, according to the report.
In Nigeria, how is the inflation rate calculated?
The percentage change in the Consumer Price Index (CPI) from one year to the next is commonly used to assess inflation in Nigeria and other nations. The Consumer Price Index (CPI) measures the prices paid by the average urban consumer in each country.