Nigeria’s soaring inflation rate, which jumped to 25.80 per cent in August, has created severe economic shock. According to the National Bureau of Statistics, the latest inflation figure is the highest since August 2005. In May, inflation stood at 22.41 per cent, June inflation stood at 22.79 per cent, July was 24.08 per cent, and … Continue reading Nigeria’s economy under threat from record-high inflation rate
The National Bureau of Statistics (NBS) said that inflation surged to 25.80% in August. The report said that food and transportation costs were mostly affected in the month of August, an indication that there is a 5.27% rise in inflation within Nigeria on yearly basis. Nigeria’s inflation surged to 25.80% in August, according to the … Continue reading Food Prices, Transport Costs Worst Hit as Inflation Soars To 25.80% In Aug 2023
Photo by Karolina Grabowska on Pexels.com Tapping Emergency Reserves This is, almost without exception, a big, fat, NO. Raiding your emergency fund simply to maintain the posh lifestyle to which you have become accustomed is an abysmal strategy. Keeping Showtime Anytime may be important, but it’s not likely to meet the definition of a crisis. Remember Steklov’s warning: Nobody … Continue reading Secrets to surviving inflation
The UK inflation rate may have fallen by more than expected in June, with the rate of 7.9 percent being its lowest in more than a year, but it is still one of the highest inflation rates of any advanced economy – driving up the cost of essential goods and services. So, cash-strapped consumers are … Continue reading Inflation across UK putting consumer prices out of reach
US President Joe Biden named two Washington policy veterans as key economic advisers on Tuesday as he faces a Republican controlled Congress and embarks on a possible re-election run for 2024. Federal Reserve Vice Chair Lael Brainard has been picked to lead the National Economic Council (NEC) — a body that advises the president on domestic and … Continue reading President Joe Biden names new economic advisers
Turkish President Recep Tayyip Erdogan delivers a speech during 28th Mukhtars (local administrators) meeting at the Presidential Complex in Ankara on October 19, 2016. / AFP / ADEM ALTAN (Photo credit should read ADEM ALTAN/AFP/Getty Images) Inflation in Turkey tops 83% as lira drops and Erdogan promises more interest rate cuts If you’re living in … Continue reading Inflation to worsen in Turkey as Erdogan threatens more rate cuts
Photo by Pixabay on Pexels.com Rising inflation and looming recessions are squeezing household finances, but businesses also worry about an economic downturn. This is not just because of higher bills, but also because consumers spend less and finance from banks and investors dries up when the economy worsens. Even strong industries such as technology feel … Continue reading How tech giants are combating inflation
Photo by vectors icon on Pexels.com Sterling came under pressure on Thursday after the Bank of England wrongfooted investors by hiking interest rates by less than some anticipated. The pound fell from $1.148 to $1.1222 after the bank opted to hike the base rate by 50 basis points to a 14-year high of 2.25 per … Continue reading UK’s economic credibility threatened by recent slide in currency value
Photo by Anna Tis on Pexels.com It's all going up: electricity, diesel, vegetables, the Internet, hotels, flights, and now, interest rates. The war in Ukraine, the on-and-off lockdowns in China, a persistent power crunch and disrupted production chains have bumped into a huge appetite for goods and services, upsetting the delicate balance between supply and … Continue reading Why central banks raise interest rates during economic recession
The former Deputy Governor of the Central Bank of Nigeria (CBN), Professor Kingsley Moghalu has blamed the nation's worsening economy on the Minister of Finance, Zainab Ahmed, describing her fiscal mismanagement of Nigeria as a 'calamity'. Moghalu, who contested to be Nigerian President in 2019 under the platform of the Young Progressives Party (YPP) and … Continue reading Is Nigeria’s CBN printing illegal money to fight inflation?
Experts dismiss the idea that greedy companies have been the main reason for a jump in inflation this year. Experts point out that for four decades the market power of businesses over consumers has risen an average of about 1% annually, but that inflation has remained low during that time until the recent upswing, The Hill reported on Wednesday. This … Continue reading Economists identify the real cause of inflation
Photo by Anna Tis on Pexels.com Inflation is increasing, and many people will be concerned about the cost-of-living crisis that is unfolding. Inflation hit a 30-year high of 6.2 per cent in February, up from 5.5 per cent in January, and the fastest rise since 2009. The Bank of England has warned inflation could rocket to eight per … Continue reading How inflation will impact UK residents in 2022
Americans quit their jobs at a record pace for the second straight month in September 2021, while businesses and other employers posted a near-record number of available jobs. Photo by Tima Miroshnichenko on Pexels.com The Labor Department said Friday that 4.4 million people quit their jobs that month, or about 3% of the nation's workforce. … Continue reading Why more Americans are quitting their jobs
If there’s one thing an incumbent candidate seeking re-election does not need, it is unwelcome news from the economic front. Photo by Anna Nekrashevich on Pexels.com But with less than a week to go before Canadians cast their votes in a tight federal election race pitting Prime Minister Justin Trudeau’s Liberal Party against the Conservatives headed by … Continue reading Trudeau faces tight political race as Canadians struggle with unprecedented inflation
The Bank of England (BoE) said on Thursday, August 5, it could see a modest reduction ahead in the huge support it has provided to Britain's economy during the COVID-19 pandemic and set out how it could gradually tighten monetary policy. Photo by Anthony on Pexels.com For now, the central bank decided to keep its stimulus at full speed, … Continue reading Bank of England sets financial plan to improve UK economy
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