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Inflation hits record high of 29.90% on naira weakness

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Inflation
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Nigeria’s annual inflation rate reached 29.90 percent in January, the country’s statistics agency reported today as the naira continues to weaken.

The Consumer Price Index report released by the NBS showed that prices rose by 0.98 percent to 29.90percent in January 2024, compared with 28.92 percent in December.

“On a year-on-year basis, the headline inflation rate was 8.08 percent higher compared to the rate recorded in January 2023, which was 21.82 percent,” the report said.

This exceeds the Financial Derivatives Company projections that the headline inflation is likely to spike further to 29.73 percent.

it will be the thirteenth consecutive monthly increase and a record high

“The foremost inflation culprit in Nigeria today is the weakened currency. In January alone, the naira lost 21 percent, touching a record low of N1,530/$. This is largely because of the lingering disequilibrium in the forex market as dollar demand continues to outpace supply.,” the report said.

The FDC report mentioned that the persistent currency depreciation has led to increased costs of imported goods such as wheat, subsequently pushing up the prices of wheat-related products like noodles, semovita, and bread by 20.4 percent, 35.8 percent and 14.3 percent

, respectively.

They also revealed that food inflation, which constitutes 50 percent of the inflation rate, rose to 35.41 percent in January from 33.93 percent in December.

The rise in the Food inflation on a Month-on-Month basis was caused by a rise in the rate of increase in the average prices of Potatoes, Yam & Other Tubers, Bread and Cereals, Fish, Meat, To- bacco, and Vegetable.

A breakdown of the NBS’ latest consumer price index report shows that food and non-alcoholic beverages contributed the most (15.49 percent) to the increase in the headline index, followed by housing water, electricity, gas, and other fuel (5.00 percent), clothing and footwear (2.29 percent), transport (1.95 percent), furnishings and household equipment and maintenance (1.50 percent) and education (1.18 percent).

Others are health (0.90 percent), miscellaneous goods and services (0.50 percent), restaurants and hotels (0.36 percent), alcoholic beverages, tobacco and kola (0.33 percent), recreation and culture (0.21), and communication (0.20 percent).

Furthermore, On a year-on-year basis, in January 2024, the Urban inflation rate was 31.95 percent, this was 9.40 percent points higher compared to the 22.55 percent recorded in January 2023.

While the Rural inflation rate in January 2024 was 28.10 percent on a year-on-year basis; this was 6.97 percent higher compared to the 21.13 percent recorded in January 2023. On a month-on-month basis, the Rural inflation rate in January 2024 was 2.57 percent , up by 0.40 percent compared to December 2023.

Core inflation, which excludes the prices of volatile agricultural produces and energy stood Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 23.59 percent in January 2024 on a year-on- year, up by 4.71 percent from 18.88 percent recorded in January 2023.

The highest increases were recorded in prices of Passenger Transport by Road, Medical Services, Passenger Transport by Air, Actual and Imputed Rentals for Housing, Pharmaceutical products, Accommodation services, etc.

Except for a brief pause in Dec 2022, Nigeria’s inflation reading has steadily increased since January 2023, a twelve -month consecutive high.

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World Pizza Day: How an Italian food favourite conquered the world

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Pizza Margherita © Liz Hafalia/San Francisco Chronicle
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17 January marks World Pizza Day, a celebration of a dish with more than 2,000 years of history. From Neapolitan and Roman styles to Margherita, diavola, and even potato-topped variations, there are few places left in the world which don’t honour this iconic culinary tradition.

In 2017, UNESCO recognised “the art of Neapolitan pizza makers” as an Intangible Cultural Heritage of Humanity, highlighting its cultural significance on a global scale.

As for the date, it wasn’t chosen randomly: 17 January coincides with the feast of St. Anthony Abbot, the patron saint of fire and related trades, including machinists, blacksmiths, and, fittingly, pizza makers.

Where is pizza eaten the most in the world? And in Europe?

In Italy, four out of ten families are expected to prepare pizza at home in 2025, according to data from Coldiretti-Ixé. Meanwhile, global pizza turnover in 2024 is projected to reach a record €160 billion, with Italy contributing €15 billion to this figure.

Pizza is a major economic driver in Italy, generating 100,000 jobs nationwide – a number that doubles to 200,000 on weekends. Each year, Italy produces 2.7 billion pizzas, equating to about 46 pizzas per person annually, a figure that includes all age groups, from infants to the elderly.

Italians’ preferences differ significantly from those of the global market. According to Coldiretti, Italians prioritize higher-quality ingredients and are willing to pay a premium for them.

Interestingly, while pizza is an Italian staple, the world’s largest per capita consumers are Americans, who eat an average of 13 kilograms of pizza per year.

In Europe, on the other hand, Italy is in first place with 7.8 kilos per year, followed by Spain’s 4.3kg, and France and Germany’s 4.2kg and in fifth position the United Kingdom with 4kg.

The rise of food delivery has significantly boosted this already thriving sector: some apps speak of ‘an order every two seconds’. Others point to year-on-year growth in turnover of 20 per cent between 2024 and 2025.

The most and least popular pizzas in the world

According to data from the food web portal TasteAtlas, the Margherita reigns as the most popular pizza in the world, followed by the Montanara and calzones. In sixth place is American-style pizza topped with cheese, vegetables, and tomato sauce. Following that is pepperoni pizza (where ‘pepperoni’ in the US refers to a type of salami) and the iconic ‘New York-style’ pizza, before circling back to fried pizza.

In last place is an Italian pizza: the ‘Mimosa pizza,’ topped with corn and cooked ham. Just above it are the Cuban pizza, the Scottish fried pizza, the Quad City-style pizza (a grilled variation popular in the US), and Canada’s unique pizza-ghetti, which features spaghetti as an additional topping.

How much does pizza cost in Italy?

Pizza has always been a popular dish in the Bel Paese, and this has never changed. On the other hand, inflation and the push for higher quality ingredients have increased the price in Italy and across Europe.

A survey by Altroconsumo calculated the average cost of a pizza, a soft drink, and service in various Italian cities. Sassari tops the list as the most expensive city (€14.67), followed by Bolzano, Milan, and Venice. On the more affordable end are Livorno (€8.67), Pescara (€9.18), Naples (€9.63), and Bari (€9.63).

Whatever pizza you love, with or without pineapple, happy World Pizza day.

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Petrol price increases nationwide

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Petrol prices across Nigeria have increased to between N1,050 and N1,150 per litre.

This increase follows a price adjustment by Dangote Refinery, which raised its rates from N899 to N955 per litre for bulk purchases.

Private depots nationwide have also raised their prices, with some locations now charging over N1,000 per litre for Premium Motor Spirit (PMS).

Oil marketers explained that the hike is primarily due to rising crude oil prices, which recently climbed to $81.84 per barrel, the highest in 2025.

Deregulation of the petroleum sector and logistics costs have further contributed to the price surge.

Areas far from depots, such as the hinterlands, are experiencing the steepest prices, with some regions reporting costs of up to N1,150 per litre.

Private depots in Lagos and Calabar have also adjusted their loading costs.

For instance, Sahara and Pinnacle depots raised prices to N970 per litre, while Rainoil and Alkanes in Calabar now charge N1,000 per litre.

Retail stations are adding logistics and regulatory charges to their prices, pushing the pump rates higher for consumers.

Marketers predict that prices will continue to rise due to the global increase in crude oil costs.

With deregulation in place, the industry relies on demand and supply dynamics, making fluctuations inevitable.

Experts warn that this trend will significantly impact consumers and businesses across the country.

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IPMAN refutes claims of nationwide price hike

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted circulating rumors of an impending increase in petrol prices nationwide.

The association assured the public that local refineries are now operational, a development that will contribute to a reduction in fuel prices.

In an interview with the Voice of America, Bashir Salisu Tahir, Chairman of IPMAN’s Northwest Chapter, dismissed claims of any plans to hike petrol prices.

He emphasized that none of their members had increased the price of petrol across the country.

Tahir explained, “The market now determines prices, and there is no truth to the rumors of an increase in petrol prices. While diesel prices have risen recently due to market dynamics, they will naturally fall when market conditions improve.”

He added that the resumption of operations at the nation’s refineries is expected to further stabilize and reduce petrol prices.

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