The rapid rise in consumer prices is slowing in the US, as the costs of energy, used cars, medical care and airfare fall. Eko Hot Blog reports that US inflation was 7.1% over the 12 months to the end of November, dropping from 7.7% in October, figures from the US Labour department show. EDITOR’S PICKS … Read more
The Bank of England raised interest rates by three-quarters of a percentage point on Thursday, the biggest hike in 33 years, as it tries to contain soaring inflation even as the UK economy slides towards recession. Eko Hot Blog reports that The central bank made its eighth interest rate hike in less than a year, … Read more
The Federal Reserve has just boosted rates for the sixth time this year in a bid to reduce inflation – an issue on the minds of many Americans, and which has now become a hot topic in the midterms campaigns. Eko Hot Blog reports that shoppers across the country are feeling the pain. The cost … Read more
Brazil’s President Bolsonaro has lost reelection to Lula Da Silva. Eko Hot Blog reports that President of Brazil, Jair Bolsonaro, has been ousted in a close presidential election. EDITOR’S PICKS Bridge Collapse Kills At Least 40, Injures 30 In India (VIDEO) Death Toll In India’s Bridge Collapse Rises To 132 Security Operatives Rescue 50 Girls … Read more
Moghalu has explained why the CBN’s naira redesign plan may hurt Nigeria’s currency. Eko Hot Blog reports that a former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has explained the pros and cons of the decision of the CBN to redesign some naira notes. EDITOR’S PICKS CBN Announces Date To Introduce … Read more
Nigeria’s inflation rate has soared to 20.77% amid a disruption in the supply of food products. Eko Hot Blog reports that the Consumer Price Index (CPI), which measures the rate of change in prices of goods and services, rose to 20.77 percent in September 2022, up from 20.52 percent in August. EDITOR’S PICKS 2023: Tinubu, … Read more
The IMF has urged Nigeria to use clear policy decisions to tame inflation. Eko Hot Blog reports that the International Monetary Fund (IMF) has implored Nigeria and other countries to make clear policy decisions for price stability amid rising inflationary pressures. EDITOR’S PICKS Buckingham Palace Announces Date For King Charles III’s Coronation WTO DG Okonjo-Iweala … Read more
Nigeria’s Inflation Rate Rises To 20.52% In August – NBS EKO HOT BLOG reports that the National Bureau of Statistics (NBS) on Thursday said Nigeria’s inflation rate rose to 20.52 per cent in August 2022. In its report titled, ‘CPI and Inflation Report August 2022’, the Bureau stated, “In August 2022, on a … Read more
US Unemployment Rate Rises To 3.7% In August EKO HOT BLOG reports that American employers slowed the pace of hiring in August after the surprising surge in the prior month and the jobless rate edged up, according to government data Friday, which could offer the central bank some relief that its inflation-fighting efforts are … Read more
The IMF cut the 2022 global GDP estimate to 3.2 percent, four-tenths of a point lower than the April forecast, and about half the rate seen last year Key among concerns is the fallout from the Ukraine war including the potential for Russia to cut off natural gas supplies to Europe EDITOR’S PICK NLC Issues … Read more
Transport Companies To Increase Bus Fares Amid Fuel Scarcity, Inflation, Others APTCON made this known in an internal memo sent to all members of the association titled’ Notification Of Price Increase Effective 25th August, 2022 EDITOR’S PICK: IGP Orders Investigation Into Portable’s Claim Of Forming Notorious Gangs Akeredolu Reveals When He Will Buy Guns For … Read more
Inflation: Sanwo-Olu approves hike in BRT fares by N100 …Okays conversion of diesel to CNG for buses EDITOR’S PICK: BREAKING: NollyWood Actress Jenifa, Husband JJC Skillz Marriage Crashes JUST IN: Trouble As Gateman Impregnates Boss Daughter In Lagos JUST IN: Again, Another 3 Year Old Boy Declared Missing In Lagos Community EKO HOT BLOG reports … Read more
The headline inflation rate slowed down in March 2022 when compared to the same month in the previous year The agency blamed the rise in the food index on increases in prices of bread and cereals, food products, potatoes, yam and other tubers, fish, meat, oil and fat EDITOR’S PICK JUST IN: Heavy Security Presence … Read more
Concerning the urban inflation rate, an increase to 16.25 per cent (year-on-year) in February 2022… The rural inflation rate increased to 15.18 per cent in February 2022 from 16.77 per cent in February 2021 EKO HOT BLOG reports that Nigeria’s consumer price index, (CPI) which measures inflation has increased to 15.70 per cent for the … Read more
By abiodun KOMOLAFE Fellow Nigerians, if reports emanating from the grapevine are anything to go by, then, interesting times beckon in 2022. Barring any unforeseen circumstances, the Nigerian government is expected to fully remove the “unsustainable and economically disingenuous” fuel and electricity subsidies next year. In simple terms, the dreaded full deregulation of the oil … Read more
…the Headline Index increased by 1.15 per cent in September 2021, this is 0.13 per cent rate higher than the rate recorded in August 2021 (1.02) per cent The Consumer Price Index, (CPI) which measures inflation increased by 16.63 per cent in September 2021, EKO HOT BLOG has learnt. This is 0.38 per cent points … Read more
The implication is that prices of food rose in the month under review but at a little slower pace than what was recorded in May 2021 Nigeria’s consumer price index (CPI), a measurement of the rate of rate of inflation, has declined to 17.75% in June from 17.93 recorded in May 2021. The ‘Consumer Price … Read more
Attacks on farms, forex scarcity and naira devaluation have contributed to seeing local food demand outweighing production… Nigeria’s inflation rate fell for the second consecutive month in May to 17.93 per cent from 18.12 per cent recorded a month earlier. The National Bureau of Statistics (NBS), onTuesday, said that the prices of goods and services, … Read more
…insecurity and conflict as well as the COVID-19 pandemic are responsible for the challenges The World Bank says Nigeria’s inflation rate is expected to rise to 5th highest in Sub-Saharan Africa by the end of 2021, behind only Zimbabwe, Zambia, South Sudan and Angola. The bank’s Lead Economist for Nigeria, Macro Hernandez, stated this on … Read more
The latest data by the NBS defy several predictions by economists, projecting a steady increase in inflation Nigeria’s headline inflation has dropped for the first time in 20 consecutive months, recording 18.12 per cent decrease in April year-on-year from 18.17 per cent reported in March. The National Bureau of Statistics (NBS) disclosed this in the … Read more