{"id":825,"date":"2022-06-01T11:14:41","date_gmt":"2022-06-01T11:14:41","guid":{"rendered":"https:\/\/citywatch.ng\/inflation-rises-in-nigeria-amid-fuel-scarcity-and-insecurity-al-jazeera-english\/"},"modified":"2022-06-01T11:14:41","modified_gmt":"2022-06-01T11:14:41","slug":"inflation-rises-in-nigeria-amid-fuel-scarcity-and-insecurity-al-jazeera-english","status":"publish","type":"post","link":"https:\/\/citywatch.ng\/?p=825","title":{"rendered":"Inflation rises in Nigeria amid fuel scarcity and insecurity &#8211; Al Jazeera English"},"content":{"rendered":"<p><em>The hike in inflation means the purchasing power of Nigerians, some of whom live on a monthly minimum wage of less than $50, is declining.<\/em><br \/>Inflation in Africa\u2019s most populous country soared to 16.8 percent in April, driven by fuel price increases and accelerating costs for food, including bread and cereals, newly released data from Nigeria\u2019s National Bureau of Statistics (NBS) has shown.<br \/>Annual food inflation rose to 18.4 percent from 17.2 percent in March, sending the headline rate to 16.8 percent, the highest in eight months, according to the data released on Monday.<br \/>The <a href=\"\/economy\/2022\/4\/29\/infographic-how-expensive-are-everyday-items-in-nigeria\">jump in fuel and food items costs<\/a> is driven by global supply disruptions following Russia\u2019s invasion of Ukraine, analysts say.<br \/>Prices for wheat, a key ingredient in cereals and flour for pasta and bread, have jumped more than 5 percent over the weekend, and over 68 percent year-on-year, according to <a href=\"https:\/\/markets.ft.com\/data\/commodities\/tearsheet\/summary?c=Wheat\">commodities data<\/a> compiled by the Financial Times.<br \/>Shortages of jet fuel have led to airline operators increasing fare prices by nearly 100 percent or in some cases <a href=\"\/news\/2022\/5\/7\/nigerian-airlines-suspend-flights-over-soaring-fuel-prices\">suspending operations<\/a> as the price of the commodity rose from 190 to 700 naira ($0.46 to $1.69) per litre in the wake of <a href=\"\/news\/2022\/5\/7\/russia-ukraine-war-list-of-key-events-day-73\">Russia\u2019s invasion of Ukraine<\/a>.<br \/>The hike in inflation means the purchasing power of Nigerian consumers, some of whom live on a minimum wage of 18,000 naira ($43.35) per month, is being eroded, Ikemesit Effiong, analyst and head of research at Lagos-based sociopolitical risk advisory firm SBM Intelligence, told Al Jazeera.<br \/>\u201cNigeria is not just dealing with rising inflation,\u201d Effiong said. \u201cWhen combined with high levels of unemployment and low growth \u2013 public and private \u2013 Africa\u2019s largest economy is in the throes of an extended bout of stagflation.\u201d<br \/>Increased insecurity across parts of Nigeria and the slow ramp-up of election spending could also combine to ensure that prices will remain high for much of the rest of the year, he added.<br \/>While pressure mounts on Nigeria\u2019s policymakers to tighten benchmark interest rates, monetary policy committee members \u201cwill stick to their guns and keep interest rates on hold over the coming months\u201d, Virag Forizs, who focuses on the Middle East and Africa at London-based Capital Economics, wrote in an emailed note to investors.<br \/>According to Effiong, rising inflation \u201cwill continue to reinforce the pressures buffeting the Nigerian consumer as well as the relative undesirability of Nigeria as an investment destination. Both constituents will continue to price this continued economic uncertainty into their near and long term decision-making.\u201d<br \/>Persistent double-digit inflation could hamper the growth of the Nigerian economy that \u201cexperienced its deepest recession in four decades\u201d in 2020, the World Bank had said in a \u201cTime for Business Unusual\u201d report released in November 2021.<br \/>\u201cEven though Nigeria\u2019s economy exited a pandemic-induced recession, several challenges persist including double-digit inflation, declining incomes, and rising insecurity,\u201d Shubham Chaudhuri, the World Bank\u2019s country director for Nigeria, said in the report. \u201cWhile the government took bold policy measures to mitigate the impacts of the COVID-19 crisis, the reform momentum has slowed which hinders Nigeria\u2019s ability to reach its growth potential.\u201d<br \/>The headline index rose by 1.76 percent in April 2022, compared to 1.74 percent last month, and the urban inflation rate increased to 17.35 percent in April 2022 from 18.68 percent recorded in April 2021. The rural inflation rate rose to 16.32 percent in April 2022 from 17.57 percent in April 2021, according to the NBS data.<br \/>Follow Al Jazeera English:<\/p>\n<p><a href=\"https:\/\/www.aljazeera.com\/news\/2022\/5\/16\/inflation-rises-in-nigeria-amid-fuel-scarcity-and-insecurity\">source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The hike in inflation means the purchasing power of Nigerians, some of whom live on a monthly minimum wage of less than $50, is declining.Inflation in Africa\u2019s most populous country soared to 16.8 percent in April, driven by fuel price increases and accelerating costs for food, including bread and cereals, newly released data from Nigeria\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[],"class_list":["post-825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Inflation rises in Nigeria amid fuel scarcity and insecurity - Al Jazeera English - City Watch<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/citywatch.ng\/?p=825\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation rises in Nigeria amid fuel scarcity and insecurity - Al Jazeera English City Watch\" \/>\n<meta property=\"og:description\" content=\"Inflation rises in Nigeria amid fuel scarcity and insecurity - Al Jazeera English City Watch %\" \/>\n<meta property=\"og:url\" content=\"https:\/\/citywatch.ng\/?p=825\" \/>\n<meta property=\"og:site_name\" content=\"City Watch\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/web.facebook.com\/profile.php?id=100083282987806\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-01T11:14:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/citywatch.ng\/wp-content\/uploads\/2022\/06\/wp-header-logo-6.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"561\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/citywatch.ng\/?p=825#article\",\"isPartOf\":{\"@id\":\"https:\/\/citywatch.ng\/?p=825\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\/\/citywatch.ng\/#\/schema\/person\/6f3e02bc6483df72f5abc6e9624d0cc8\"},\"headline\":\"Inflation rises in Nigeria amid fuel scarcity and insecurity &#8211; 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