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Nigeria’s Inflation Hits 22.79% As Food Prices Rise - Politics - Nairaland

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Consumers Lament As Food Prices Rise 30% In Eight States / February 2021 Inflation Rate Rises To 17.33% As Food Inflation Jumps To 21.79% / FG Owes 79% Of N20tr Domestic Debts, As Lagos Leads States (2) (3) (4)

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Nigeria’s Inflation Hits 22.79% As Food Prices Rise by SeeThisLoser: 12:47pm On Jul 17, 2023
Nigeria’s annual inflation rate rose to 22.79 per cent in June from 22.41 per cent in the previous month, the National Bureau of Statistics (NBS) said Monday.

The statistics office said the June inflation rate showed an increase of 0.38 per cent points when compared to May 2023 headline inflation rate.

The NBS said on a year-on-year basis, the headline inflation rate was 4.19 per cent points higher compared to the rate recorded in June 2022, which was 18.60 per cent.

“This shows that the Headline inflation rate (year-on-year basis) increased in June 2023 when compared to the same month in the preceding year (i.e., June 2022),” it said.


According to the report, the food inflation rate quickened to 25.25 per cent in June from 24.82 per cent in May.

President Bola Tinubu had, in his inaugural address on 29 May, announced the removal of fuel subsidy.

Following the announcement, the Nigerian National Petroleum Company Limited (NNPCL) directed its outlets nationwide to sell fuel between N480 and N570 per litre, an almost 200 per cent increase from the initial price below N200.

The hike immediately triggered an increase in transportation fares and prices of goods and services by various percentages.

Inflation has remained high in Africa’s largest economy, prompting the apex bank to hike interest rates to their highest levels in nearly two decades.

In an aggressive push to contain the nation’s inflationary pressure, the Central Bank of Nigeria, in May, raised its benchmark lending rate to 18.5 per cent.


Last Thursday, Mr Tinubu declared an immediate State of Emergency on food insecurity to tackle the increase in food prices.

He also directed that “all matters pertaining to food & water availability and affordability, as essential livelihood items, be included within the purview of the National Security Council.”

https://www.premiumtimesng.com/news/headlines/610283-breaking-nigerias-inflation-hits-22-79-as-food-prices-rise.html

6 Likes 2 Shares

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by SpecialAdviser(m): 12:49pm On Jul 17, 2023
I expect every Nigerian by now to be casting and binding any spirit of bala blu economy.

108 Likes 10 Shares

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by Unperturbedpota: 12:50pm On Jul 17, 2023
This is where you should slip in Green Day's American idiot disc into you player and start playing "Welcome to paradise" song 🤣🤣🤣🤣🤣

Turn it up so loud the speakers bleed 😁

22 Likes 2 Shares

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by Bobloco: 12:50pm On Jul 17, 2023
grin

2 Likes

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by sultanofpigs: 12:54pm On Jul 17, 2023
Thank God me and my family did not sing mandate Nonsense.

@helinus, is it true you buy fuel at #28/liter? I want to see if APC supporters and TINUBU Propaganda mizcreants have another market or fueling Station.

Do you know that any Military coup will be very welcome now?

APC and their supporters are the most useless people in that country
.

142 Likes 16 Shares

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by Xscape1993(m): 12:59pm On Jul 17, 2023
All thanks to the evil party....

65 Likes 2 Shares

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by happney65: 1:00pm On Jul 17, 2023
See Zimbabwe,see Nigeria. Happy no member of my family voted for any nonesense and stupiuud Tinubu's mandate

Jesu o ni je

Allahau o ni je

Ogun o ni je..

grin

51 Likes 3 Shares

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by verybadmouth(m): 1:58pm On Jul 17, 2023
The upward trend in food prices is not entirely negative, as it will eventually lead to increased wealth for farmers. However, the true concern lies in the unfavorable economic conditions where individuals experience reduced earnings or complete financial deprivation.

2 Likes 2 Shares

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by slawomir: 1:58pm On Jul 17, 2023
Damnnn niggar
Haha
Nice

Shege reloaded...shege doing to and fro...shege doing loop
Bar man give me enough beer let me celebrate the suffering

51 Likes 4 Shares

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by Adjovi: 1:59pm On Jul 17, 2023
Shege banza

Incase you wan insult me. Na all of us they feel the shege banja together o. Some people still dey deny and console themselves that it will favour them and their family grin favour self dey look up to him Saviour cheesy grin grin

68 Likes 4 Shares

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by MuslimIgbo: 1:59pm On Jul 17, 2023
It'll never be well with BUHARÌ,his household and all his associates.

If Tinubu doesn't prosecute BUHARÌ, it will never be well with him as well.

94 Likes 7 Shares

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by SenatePresdo(m): 1:59pm On Jul 17, 2023
With the level of sufferings Tinubu has meted on Nigerians, permit me to tell you that i now miss Buhari.

In this Life never say never, whoever told me i would miss Buhari in less than 3 months after he's done, i would have cursed the person.

And this same man is saying if the court removes him, there would be anarchy?

E Be like say life don tire that Man.

38 Likes 3 Shares

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by Matooosa222: 2:00pm On Jul 17, 2023
One thing i know be sat me and my family we shall survive in jah name

3 Likes 2 Shares

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by christejames(m): 2:00pm On Jul 17, 2023
It doesn't matter grin


The inflation is favoring me and my family already grin

37 Likes 2 Shares

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by Analyst7: 2:00pm On Jul 17, 2023
THIS INFLATION WILL FAVOUR ME AND MY FAMILY gringrin

34 Likes

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by ojonugba2014(m): 2:00pm On Jul 17, 2023
This is just the beginning

Thanks to u God over my Family,we are doing fine

9 Likes 1 Share

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by infohenry(m): 2:01pm On Jul 17, 2023
Nigeria will benefit from the inflation, Jagaban is a strategist, he is making sure the naira will never compete with any currency in the world and every country will be buying from Nigeria.
FREESTUFF AGBODO ECONOMICS.
WRITING FROM NAIRALAND.
Wetin concern me with information.

7 Likes

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by 001Lagos: 2:01pm On Jul 17, 2023
Tinubu government

1 Like

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by Sabadon(m): 2:01pm On Jul 17, 2023
It ll favor me and my family grin grin

10 Likes

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by paparazi232(m): 2:01pm On Jul 17, 2023
Things are really cost right now and it hardly go down bak

7 Likes

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by nony43(m): 2:01pm On Jul 17, 2023
Abeg, were are the Ronu supporters they are all hiding. My own is why is BAT not talking to Nigerians or explaining the way forward.

12 Likes 1 Share

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by BAZ001: 2:01pm On Jul 17, 2023
I hope and pray we won’t start to be missing Buhari days
Jonathan days was better than Buhari
If Buhari days come better than Tinubu
Na him be say Nigeria don finish

29 Likes 2 Shares

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by MichaelSokoto(m): 2:02pm On Jul 17, 2023
christejames:
It doesn't matter grin


The inflation is favoring me and my family already grin
Eleph:
The rate at which the APC is destroying every fabric of the nation called Nigeria is unprecedented.

From frying pan to fire!
nony43:
Abeg, were are the Ronu supporters they are all hiding. My own is why is BAT not talking to Nigerians or explaining the way forward.
christejames:
It doesn't matter grin


The inflation is favoring me and my family already grin
grin
slawomir:
Damnnn niggar
Haha
Nice

Shege reloaded...shege doing to and fro...shege doing loop
Bar man give me enough beer let me celebrate the suffering
Bobloco:
grin

13 Likes

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by SmartPolician: 2:02pm On Jul 17, 2023
If Tinubu could govern the richest state in Nigeria for 8 years and his best legacy is to leave a plan, nobody should expect so much from that man as president.

31 Likes

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by Kinehap: 2:02pm On Jul 17, 2023
This is just the beginning.

Me and my household, will continue to serve the Lord.

1 Like

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by Eleph(m): 2:03pm On Jul 17, 2023
The rate at which the APC is destroying every fabric of the nation called Nigeria is unprecedented.

From frying pan to fire!

15 Likes

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by lumens: 2:03pm On Jul 17, 2023
shocked





Yekini Amoda Sangolere is the greatest scammer in the history of Nigeria.
How people corn-fidently voted for a man who hoisted Buhari on Nigerians and expect him to do well must be studied at MIT.

7 Likes

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by youngrichnigga: 2:03pm On Jul 17, 2023
Replace woman with Nigeria undecided undecided

9 Likes

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by GanagiBitrus: 2:04pm On Jul 17, 2023
For how long shall we continue like this.

7 Likes

Re: Nigeria’s Inflation Hits 22.79% As Food Prices Rise by Zupay: 2:04pm On Jul 17, 2023
Hiss........

1 Like

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