CPI And Its Component And Premium Motor Spirit
CPI and its Components (%)
Its all getting expensive
PMS, AGO and NHK Price (/Litre)
Rising domestic fuel price
CPI and its Component: Changes in inflation rate has mostly been driven by the Core sub-index component. Precisely, in 2016 Q1 and Q2, the rising cost of import, electricity and transport drove inflation back to double digits after nearly two years of relatively low inflation.
Premium Motor Spirit: PMS price has been below N120 up until April 2016. The unusual rise in PMS in April 2016 is attributable to the recent removal of fuel subsidy and the upward adjustment of fuel pump price (from N85.5 to N145) witnessed in 2016Q2.
Monetary Policy Rate: The fluctuations in MPR reflect CBNs intermittent effort to promote growth, stymie inflation or incentivize capital flows. Particularly, the rise in MPR in 2016Q1 was effort to
Crude Oil Price: Crude oil price attained a historical low of $30.7 in January 2016 largely due to excess global oil supply.
Crude Oil Production and Export: Oil production has continued to fall in
Money Supply: On a month-on-month basis, growth in M2 have accelerated overtime; reaching over N20,000 billion by April 2016. The rise in M2 at the end of 2016Q1 reflects the fast-paced rise in aggre
Public Debt-to-GDP Ratio: The ratio of Nigerias cumulative government debt to national GDP has maintained an upward trend indicating the countrys declining economic productivity and ability to repay