4 days ago
Although Nigeria pumps crude oil, its refineries are so dysfunctional they have been closed down, so it imports almost all its refined fuel. Rising domestic consumption thus weighs on the current account.
As shoppers await price cuts, retailers like Home Depot say their prices have stabilized and some national consumer brands have paused price increases or announced more modest ones. Yet some industry watchers predict deflation for food at home later this year.
World Gold Council forecasts purchases of the commodity this year are unlikely to meet 2023 levels, where they hit an all-time high and also the second highest year in history of central banks buying gold. But is gold still a safe hedge against inflation in Nigeria?
Food price increases have seen the consumer inflation rate in Africa's largest economy hit its highest level since 1996.
The cost of living in Germany increased by nearly 6% year-on-year last year, according to provisional figures. While inflation has eased since the start of the year, food and energy price rises remain high.
Days ago, Nigeria's National Bureau of Statistics reported that headline inflation reached 26.7% in September 2023 up from 25.8% in August of the same year, with food inflation hitting 30.64% in September. The Guardian Nigeria stepped out to know how the inflation is affecting the lives of Nigerians and their businesses.
Household Consumption accounted for the largest share of real Gross Domestic Product at market prices in the first and second quarter of this year according to data from the National Bureau of Statistics. Femi Oladehin, Partner at Àrgentil Capital Partners joins CNBC Africa to unpack the numbers and drivers of inflation in Nigeria.
Consumer price inflation in the eurozone has slowed to its lowest level since July 2021. But the sluggish performance of the German economy contributed to the eurozone's economy shrinking by 0.1%.
Inflation in the eurozone fell to an almost two-year low. The news increases pressure on monetary policymakers to halt their recent string of painful interest rate hikes in the common currency area.
At the same time the global economy was forecast to do slightly better in 2023. But the effects of tight monetary policy are expected to be felt for a while yet.
3 Sep 2023
On 17 August 2023, popular protests over the high inflation rate and deteriorating economic situation in Syria erupted in the Druze majority city of Al-Suwayda, with hundreds of participants. These grew, and by 20 August, thousands of protesters chanted slogans demanding the downfall of Assad regime.
26 Aug 2023
The health and cost-of-living crises has disproportionately affected the poor and women in developing Asia, hurting their chances of long-term improvement.