Nigeria's headline inflation rises to 34.19% in June 2024

Food-inflation ©(c) provided by Pulse Nigeria

According to the report, the figure is 0.24% points higher compared to the 33.95% recorded in May 2024.

The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 34.19% in June 2024.

The NBS said this in its Consumer Price Index (CPI) and Inflation Report for June, which was released in Abuja on Monday. According to the report, the figure is 0.24% points higher compared to the 33.95% recorded in May 2024. 

It showed that on a year-on-year basis, the headline inflation rate in June 2024 was 11.40% higher than the rate recorded in June 2023 at 22.79%. In addition, the report showed, that on a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, which was 0.17% higher than the rate recorded in May 2024 at 2.14%. 

“This means that in June 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in May 2024.”

Full story at Pulse NG.

By News Agency of NG.

Argentina halts monetary base expansion to lower inflation, says minister

BUENOS AIRES (Reuters) - Argentina will cease expanding its monetary base as part of the government's campaign to combat inflation, Economy Minister Luis Caputo said on messaging platform X on Saturday.

"From now on the amount of money remains the same or is reduced if the central bank (BCRA) sells dollars" in the official exchange market known as the MULC, Caputo wrote.

"If the BCRA buys dollars in the MULC, the issuance of equivalent pesos will be sterilized with the sale of equivalent dollars in the cash with liquidation (CCL) market," a market where dollar transactions are settled in cash, Caputo wrote.

Full story at Yahoo News.

Friday 12 July 2024 How mentorship can make entrepreneurs do more.

The road to success for entrepreneurs is not the same and is most likely difficult. I am keen on trying to make something out of nothing depending on the given opportunity and the ideation process one needs to follow.

I am trying to be what I am destined to be. I know, I know and the very thing I know; I will never forget. I know where those silicon valley's companies make their money from. As a dice is cast, you await its outcome but is a pity if you don't learn the rope your case will end up like "the more you look; the less you understand." 

Hence, I refer to mentorship as the lifejacket of every entrepreneur. 

With so much love for Tony Elumelu and respect to Tony Elumelu Foundation; I officially turned down the invitation to mentor this year. 

In my email to Moyo Awotile; " I am not in a good space for that now. I promise to be ready next time. All the best with all the entrepreneurs."

By Olagunju, Success Taiwo.

Informal businesses contribute about 90% to Nigeria’s GDP- Report

The report also revealed that a significant portion (68.2 per cent) of their income goes towards feeding and family expenses.

The Informal Economy Report 2024, says businesses in the informal market contribute over half of Nigeria’s Gross Domestic Product (GDP).

The Minister of Industry, Trade and Investment, Dr Doris Anite said this when she inaugurated the report on Friday in Abuja.

The News Agency of Nigeria (NAN) reports that the unregistered businesses include street vendors, artisans, and service providers.

By News Agency of NG.

Full story at Pulse NG.

Job openings, new hires unexpectedly rise in May as labor data steadies ahead of June jobs report

Job openings unexpectedly picked up in May as investors had been watching for further signs of cooling in the labor market after last month's data showed open jobs in the US fell to a three-year low.

New data from the Bureau of Labor Statistics released Tuesday showed there were 8.14 million jobs open at the end of May, an increase from the 7.92 million job openings in April.

April's figure was revised lower from the 8.06 million open jobs initially reported. Economists surveyed by Bloomberg had expected the report to show 7.95 million openings in May.

By Josh Schafer.

Full story at Yahoo News.

Eurozone inflation falls to 2.5%

GBPEUR=X +0.21% GBP=X -0.16% EUR=X +0.06% LaToya Harding·Business Reporter, Yahoo Finance UK Updated Tue 2 July 2024 at 11:57 am GMT+2 In this article: GBPEUR=X +0.25% GBP=X -0.17% EUR=X +0.06% European Central Bank President Christine Lagarde, eurozone inflation Figures from Eurostat showed that core inflation, which strips out volatile food and energy prices, was unchanged at 2.9%, as services inflation remained stubbornly high at 4.1%. (BJ Warnick, Newscom)

Eurozone inflation slowed slightly last month, falling from 2.6% in May to 2.5%, amid declining energy prices.

Official figures from Eurostat showed that core inflation, which strips out volatile food and energy prices, was unchanged at 2.9%, as services inflation remained stubbornly high at 4.1%.

It had been predicted to fall to 2.8%.

Overall, slowing price rises in the 20 countries that share the euro will provide some relief for the European Central Bank (ECB). Last month the ECB cut interest rates in expectation of inflation hitting its 2% target by next year.

By LaToya Harding.

Full story at Yahoo News.