• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Nigeria’s import inflation threat heightens as US inflation hits record high of 8.5%

3 years ago
in Business, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
56
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s import inflation threat heightens as US inflation hits record high of 8.5%

With volume of US imports to Nigeria increasing from $1.48 billion in 2020 to over $4.48 billion in 2021 and inflation figures in the United States spiralling way above its official benchmark, Nigeria is set to witness significant spillover effect through imported inflation.

In December 2021, Nigeria’s top imports from the United States included Cars ($14.5b), Telephones ($13.5b), Crude Petroleum ($13b), Commodities not elsewhere specified ($11.4b), and Computers ($10.9b).

Data released by the US Bureau of Labor Statistics on Tuesday revealed that consumer price growth surpassed 8 per cent in March, rising at its fastest pace since 1981 following a surge in energy and food prices exacerbated by Russia’s war on Ukraine.

The monthly rise registered at 1.2 percent, represents the fastest jump since 2005 and a sharp acceleration from the 0.8 percent increase recorded in February.

Interestingly, the data for the first time included the economic impact of Russia’s invasion of Ukraine, which has clouded the global outlook and sparked concerns about slowing growth coupled with even more elevated price pressures.

“Russia is one of the world’s largest energy exporters, and a significant percent of global inflation this year would be attributed to the war,” Moses Ojo, a Lagos based economist told Businessday.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

The report further indicated that the figures underscored the impact of volatile commodity prices, with a jump in petrol accounting for more than half of the overall increase in March’s CPI.

The report partly read, “The all items less food and energy index rose 6.5 percent, the largest 12-month change since the period ending August 1982.

“The energy index rose 32.0 percent over the last year, and the food index increased 8.8 percent, the largest 12-month increase since the period ending May 1981.“

As a result of the recently released report, the Fed is now poised to raise interest rates by half a percentage point at its next policy meeting in May, almost double the pace of its March rate rise, as it seeks to lift its benchmark policy rate to a more ‘neutral’ level that neither aids nor constrains growth by year end.

With inflation hitting record highs in major Nigerian import partner countries, the likelihood is going to be evidence of trickle down effects which might heighten the country’s inflationary pressures over the next couple of months.

“With consumer prices rising astronomically in the US and our import affiliation with them, Nigeria is definitely going to witness imported inflation in the near to medium term,” Ojo said.

Source: businessdayng
Via: norvanreports
Tags: Covid-19import inflationinflationNigeriaNigeria’s import inflation threat heightens as US inflation hits record high of 8.5%
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.