The National Bureau of Statistics (NBS), in its Consumer Price Index (CPI) and Inflation report for December 2023, revealed that Nigeria’s headline inflation rate rose to 28.92 percent. On a Year-on-Year (YoY) basis, the figure is 7.58 percentage points higher compared to 21.34 percent recorded in December 2022 and 0.72 percentage points higher than 28.20 percent recorded in November 2023. The inflation rate is 11.76 percentage points higher than the 2023 budget assumption of 17.16 percent. The food inflation rate rose to 33.93 percent from 23.75 percent in December 2022, representing 10.18 percentage points increase.
February 8, 2024
Nigeria Economic Update(Issue 3)
Related
Nigeria Economic Update (Issue 50)
Crude oil price experienced
a mixed week from November 18 to November 25, 2016. Specifically, OPEC basket
price and Brent crude price fluctuated, to a daily average of $44.6 (from
$42.33)and $48.3 (from $46.86)per barrel
respectively. The present oil volatility is as a result of sell-offs,
attributable to speculations/fears of an insufficient production cut by OPEC (in
its bid to control oversupply) - a deal scheduled for its next meeting on
November 30th 2016. This speculations have arisen due to
the reluctance of major OPEC member country (Saudi Arabia) to participate in the
potential oil cut dealwhich could exert a downward pressure on oil
prices. However, oil prices should rise if OPEC members agree to the oil cut
deal. Irrespective of the outcome of the meeting, Nigeria is exempted from the
potential crude oil cut. Thus, it will be optimal for the government to act
quickly to address the insurgence in the Niger Delta region, in order to raise domestic oil production as much as
possible.