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Nigeria’s Inflation hits 27.33%

Published

1 year ago

November 15, 2023

Inflation rate has continued its upward movement for the tenth straight month in Nigeria, as the latest data released by the National Bureau of Statistics on Wednesday showed.

Nigeria’s inflation rate surged to 27.33% in October. It was a 0.61 percentage point increase from the 26.72% that was recorded in September.

The NBS maintained that food and nonalcoholic drinks, housing, water, electricity, gas, and other fuel, clothing and footwear, transportation, furnishings, and upkeep of household appliances and equipment were the main causes of the inflation increase.

According to the statistics bureau, price increases for food and non-alcoholic drinks were the main cause of October’s inflation in terms of annual growth. The majority of Nigeria’s inflation was attributed to food inflation, which increased from 30.64% in September to 31.52% in October.

“Furthermore, on a year-on-year basis, the headline inflation rate was 6.24 percentage points higher compared to the rate recorded in October 2022, which was 21.09%. This shows that the headline inflation rate (year-on-year basis) increased in October 2023 when compared to the same month in the preceding year (i.e., October 2022),” the NBS report revealed.

Some observers have noted that the continued rise in inflation adds to the pressure on the new central bank governor, Olayemi Cardoso to raise interest rates when the monetary policy committee meets for the first time since his appointment. Cardoso has pledged to pull the bank back from the much-criticised fiscal interventions pursued under his predecessor, Godwin Emefiele, that some argue undermined the central bank’s ability to effectively manage inflation.

According to Cardoso, the CBN would rather take a “more limited advisory role” in support of the government’s economic growth agenda.

The elimination of petrol subsidies and the depreciation of the official exchange rate have been blamed for the ongoing rise in inflation.

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Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”