• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
AFRIPOL

AFRIPOL

en English
ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
  • Home
  • About Us
  • Mission Statement
  • Articles
  • Book Review
  • Archive
  • Contact Us

Nigeria’s inflation rate at almost 21%, food inflation 23%

September 18, 2022 by AFRIPOL Leave a Comment

President Buhari and Finance Minister Ahmed

Nigerians are indeed witnessing the most trying times of the economic degradation and deterioration. Things are not getting better for all Nigerians especially the poor stricken ones who can barely afford a daily meal.

The numbers released by the country’s National Bureau of Statistics (NBS) are not good. According to NBS, food inflation soared to 23%, while the country’s inflation rate stands at 20.52% in August of third quarter..

The country’s National Bureau of Statistics “NBS on Thursday, 15th September 2022 released Nigeria’s Consumer Price Index report for the month of August of 2022, putting Nigeria’s inflation rate at a near 17-year high of 20.52%. A further breakdown of the report showed that food inflation rate also quickened to its highest level in almost 17 years to stand at 23.12%, while core inflation rose to 17.2% in the same month. An interesting component of the nation’s index is the food index, which accounts for more than 50% of the basket of items tracked by the NBS.”

The price of foodstuffs are soaring especially wheat due its high demand and its shortage in the market. Nigeria is a big consumer of wheat and also a major importer of wheat. But importation from Ukraine has been interrupted by the war between Ukraine and Russia.

  • “Nigeria is a huge consumer of wheat products, with its local production only accounting for just 1% of the 5 to 6 million metric tons consumed annually, while we rely on importation to meet local demand. Hence, the enormous demand-supply gap is bridged with over $2 billion spent annually on the importation of wheat, piling more pressure on the nation’s import bill.”

Moreover, Nigeria is in dire financial strait and barely has the liquidity to pay her bills especially foreign debts. Therefore, the foreign exchanges needed for importation of foods are not available.

Filed Under: Articles, Strategic Research & Analysis

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

More to See

US Janet Yellen in Senegal: Woos Africa as US Vies With China, Russia for Clout

January 19, 2023 By AFRIPOL

African Igbo Cultural Dance From Enugu, Nigeria.

January 18, 2023 By AFRIPOL

RSS AllAfrica News: Latest

  • Ghana: Fire Razes Twin Storey Building At Kwadaso-Siloam C'nity
    [Ghanaian Times] Fire swept through a twin storey building in the Kwadaso-Siloam community in the Ashanti Region on Saturday morning, destroying items worth thousands of Ghana Cedis.
  • Ghana: $350,000 Stem Project Inaugurated in Accra
    [Ghanaian Times] The Alpha Beta Education Centre (ABEC) in Accra has launched a $350,000 Science, Technology, Engineering and Mathematics (STEM) project to provide free structured programmes and trainings for students and teachers.
  • Ghana: Forestry Commission Decries Rampant Wildfires Within Transitional Zones
    [Ghanaian Times] The Forestry Commission (FC) has expressed worried about the rampant spate of wildfires within the transitional zones of the country.
  • Ghana: Ex-President Mahama Advocates Reinstitution, Extension of Debt Service Initiative for Debt-Strapped Countries
    [Ghanaian Times] Former President John Mahama has advocated the reinstitution and extension of the Debt Service Suspension Initiative (DSSI) to afford Ghana and other debt-strapped countries some limited fiscal respite.
  • Nigeria: State House Will Lead Nigeria's Energy Transition Plan - Gambari
    [Leadership] Chief of Staff to the President, Professor Ibrahim Gambari has declared that the State House will lead the way in keying into the global shift towards renewable energy choices by government institutions in line with Nigeria's Energy Transition Plan.
  • Ghana: Energy Commission to Begin Enforcement of 19 New Regulations On Electrical Appliances, Renewable Energy Products
    [Ghanaian Times] The Energy Commission, will this year, begin the enforcement of 19 new regulations on the importation and manufacture of electrical appliances and renewable energy products in the country.

Tags

Achebe Africa Anambra Boko Haram Buhari CBN Corona Virus Egypt Igbo IMF Inflation Jonathan Kenya Nigeria Okonjo Iweala Peter Obi Sanusi Senate Soludo South Africa Soyinka United States
  • Facebook
  • Instagram
  • Twitter
  • YouTube

Archives

Footer

Africa Political and Economic Strategic Center, AFRIPOL is foremost a public policy center whose fundamental objective is to broaden the parameters of public policy debates in Africa. To advocate, promote and encourage free enterprise, democracy, sustainable green environment, human rights, conflict resolutions, transparency and probity in Africa.

Recent

  • Emmanuel Acho: Nigerian American stirs controversy for Saying He Doesn’t Have ‘Generational Trauma’ Like Black Americans because he was raised in a Nigerian Household
  • Tribunal Sacks duly elected Adeleke as Governor of Osun, Declares Oyetola as the Winner
  • Update: Peter Obi Can he Rescue Nigeria like Singapore’s Lee Kuan Yew? Yes He Can!
  • Africa projected to outperform Globally in economic growth by AfDB Boss
  • Peter Obi/Datti makes History! The First Presidential Team to visit Boko Haram ravaged region of Southern Borno

Search

Tags

Achebe Africa Anambra Boko Haram Buhari CBN Corona Virus Egypt Igbo IMF Inflation Jonathan Kenya Nigeria Okonjo Iweala Peter Obi Sanusi Senate Soludo South Africa Soyinka United States

Copyright © 2023 · AFRIPOL