Browsing: Nigeria’s inflation rate

Nigeria's central bank raised the benchmark interest rate to 13%

The recent Nigeria’s central bank rise of benchmark interest was the first one implemented by the monetary policy council of the central bank since July of 2016. Prior to that time, the apex bank favoured lower interest rates in the hope that it would encourage lending.

To counteract the persistently increasing cost of goods and services, however, the world’s most influential central bank has followed the pattern of other central banks throughout the world and raised interest rates.

Pundits are led to assume that the policies of the CBN have little to no influence since, unlike in other economies across the world, the rising inflation in Nigeria is driven more by supply than by demand.…

Nigeria’s inflation rate has dropped. According to the consumer price index report released by the National Bureau of Statistics (NBS) on Monday May 17, 2021, the inflation rate recorded a slight drop in the month ending April 2021, shedding 0.05 per cent to close at 18.12 per cent in the month under review.

In the preceding month of March, the country’s inflation was 18.7 per cent.

According to the NBS inflation report, the Consumer Price Index, which measures inflation increased by 18.12 per cent (year-on-year) in April 2021.

“This is 0.05 per cent points lower than the rate recorded in March 2021 (18.17 per cent),” the bureau said.

The 0.05 per cent drop in April 2021 was the first time the country’s inflation rate would fall in about 20 months, as the last time it fell was in 2019 when the CPI shed 0.06 per cent, falling from 11.08 per …