What is inflation in Nigeria?
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Inflation rose to 15.63 per cent in December 2021 compared to 15.40 per cent in November, the National Bureau of Statistics announced Monday. byMary Izuaka. January 17, 2022. 1 min read. Nigeria’s annual inflation rate rose the first time in eight months after recording a consecutive fall for that long.
What is inflation and causes of inflation in Nigeria?
The study therefore concluded that inflation in Nigeria, during the studied period, was driven by the pass-through of import prices to domestic prices via markup pricing by firms. This was aided by domestic inflation persistence.
What are the factors responsible for inflation in Nigeria?
Causes of inflation in Nigeria:
- Civil Unrest. Nigeria has been struggling against insurgency since the beginning of the democratic era in 1999.
- Government Economic Policies.
- Devaluation of the Naira.
- Increased Wages.
- The price of Fuel.
- Reduction in Productivity.
- Higher Taxes.
- Expectation of Inflation.
What are the causes of inflation PDF?
Summary of the main causes of inflation
- Demand-pull inflation – aggregate demand growing faster than aggregate supply (growth too rapid)
- Cost-push inflation – For example, higher oil prices feeding through into higher costs.
- Devaluation – increasing cost of imported goods, and also the boost to domestic demand.
What do you mean by inflation PDF?
Inflation is the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.
What type of inflation is Nigeria experiencing?
The Laspeyres formula is generally used. Nigeria inflation rate for 2019 was 11.40%, a 0.7% decline from 2018. Nigeria inflation rate for 2018 was 12.09%, a 4.43% decline from 2017….Nigeria Inflation Rate 1960-2022.
| Nigeria Inflation Rate – Historical Data | ||
|---|---|---|
| Year | Inflation Rate (%) | Annual Change |
| 2019 | 11.40% | -0.70% |
| 2018 | 12.09% | -4.43% |
| 2017 | 16.52% | 0.85% |
What is the effect of inflation on Nigeria economy?
The study findings indicate that inflation and real exchange rate exert a significant negative impact on economic growth, while interest rate and money supply indicate a positive and significant impact on economic growth. Other variables in the model depict no influence on the economic growth of Nigeria.
What is inflation explain the causes of inflation?
Inflation is a measure of the rate of rising prices of goods and services in an economy. Inflation can occur when prices rise due to increases in production costs, such as raw materials and wages. A surge in demand for products and services can cause inflation as consumers are willing to pay more for the product.