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Inflation Rate Rises To 16.47%
The consumer price index, (CPI) which measures inflation increased by 16.47 percent (year-on-year) in January, 2021, according to latest data released by the National Bureau of Statistics (NBS), yesterday.
This is 0.71 percent points higher than the rate recorded in December, 2020 (15.75 percent).
Increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP ) divisions that yielded the headline index.
On month-on-month basis, the headline index increased by 1.49 percent in January, 2021.
This is 0.12 percentage points lower than the rate recorded in December, 2020 (1.61 percent).
The percentage change in the average composite CPI for the twelve months period ending January, 2021 over the average of the CPI for the previous twelve months period was 13.62 percent, representing a 0.37 percentage point increase over 13.25 percent recorded in December, 2020.
The urban inflation rate increased by 17.03 percent (year-on-year) in January, 2021 from 16.33 percent recorded in December, 2020, while the rural inflation rate increased by 15.92 percent in January, 2021 from 15.20 percent in December, 2020.
On a month-on-month basis, the urban index rose by 1.52 percent in January, 2021, down by 0.13 percentage points when compared to the rate recorded in December, 2020, while the rural index also rose by 1.46 percent in January, 2021, down by 0.12 compared to the rate that was recorded in December, 2020 (1.58 percent).
The corresponding twelve-month year-on-year average percentage change for the urban index was 14.23 percent in January, 2021.
This is higher than the 13.86 percent reported in December, 2020, while the corresponding rural inflation rate in January, 2021 was 13.04 percent compared to 12.67 percent recorded in December, 2020.
The composite food index rose by 20.57 percent in January, 2021 compared to 19.56 percent in December, 2020.
This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils and Fats.
On month-on-month basis, the food sub-index increased by 1.83 percent in January, 2021, down by 0.22 percent points from 2.05 percent recorded in December, 2020.
The average annual rate of change of the food sub-index for the twelve-month period ending January, 2021 over the previous twelve-month average was 16.66 percent, 0.49 percent points higher than the average annual rate of change recorded in December, 2020 (16.17 percent).
The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.85 percent in January, 2021, up by 0.48 percent when compared with 11.37 percent recorded in December, 2020.
On month-on-month basis, the core sub-index increased by 1.26 percent in January, 2021.
This was up by 0.16 percent when compared with 1.10 percent recorded in December, 2020.
The highest increases were recorded in prices of passenger transport by air, medical services, hospital services, passenger transport by road, pharmaceutical products, paramedical services, repair of furniture, vehicle spare parts, motor cars, miscellaneous services relating to the dwelling, maintenance and repair of personal transport equipment,
The average 12-month annual rate of change of the index was 10.52 percent for the twelve-month period ending January, 2021.
This was 0.21 percent points higher than 10.31 percent recorded in December, 2020.
In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states.
Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.
In January, 2021, all items inflation on year on year basis was highest in Kogi (21.38%), Oyo (20.17%) and Bauchi (19.52%), while Kwara (13.96%), Abuja (12.96%) and Cross River (12.22%) recorded the slowest rise in headline Year-on-Year inflation.
On month-on-month basis, however, January, 2021, all items inflation was highest in Oyo (4.28%), Ebonyi (3.95%) and Lagos (3.33%), while Abuja, Edo and Cross River recorded price deflation or negative inflation (general
The Mayor of Housing, My-ACE China, has teamed up with a renowned hospital group in Port Harcourt, the Meridian Hospitals, which is in partnership with the Pilgrims Health Foundation, to carry out a one-day medical outreach last Tuesday.
The free treatment scheme took place at Oromenike Government Girls Secondary School in D-Line, Port Harcourt, with over 100 persons accessing free treatments, including free eye-glasses and booking for eye surgeries.
Other areas of treatment included general health consultations and treatment; blood pressure and sugar level testing; malaria testing and treatment; free prescriptions; preventive health talks focusing on hygiene, maternal health, and nutrition.
The scheme was conducted under the theme: ‘Bringing Healthcare to the Community.’
Newsmen who visited the venue of the scheme found that enthusiastic beneficiaries had thronged the area as early as 7a.m. After setting up, the medical team began attending to the patients.
Mr. Jerry Onwuso, a 63-year-old patient, who was first to see eye doctors and got eye glasses and drugs, told newsmen that he was pleased with the medical intervention.
He made it clear he did not pay any money to get all the treatments and glasses, and pleaded that the scheme be sustained.
Another patient, Loveth Sam, expressed satisfaction with the scheme and appealed to the sponsors to continue to increase the benefits.
Throwing some light on the scheme, Mr. China said he worked in Meridian Hospitals as a Lab. Scientist 19 years ago, but resigned because he could not bear to see patients struggling for life because they had no money to pay for treatment.
He said he came back to help extend free medical treatment to the less privileged.
Sources said China was always having issues with the hospital authorities when he would insist on critical patients being allowed to be treated first, with or without money.
Years later, China, who now goes by a brand name, the Mayor of Housing, returned to the Meridian Hospital headquarters to support free medical scheme.
He also went the next day to the headquarters of Meridian, after the one-day medical outreach, to give cash gifts and palliatives to workers he met when he worked there but had remained in service since he left.
He encouraged them to continue to give their all to humanity through the hospital. The Mayor of Housing called most of them by name and a cloud of emotions descended on them during the reunion.
Appreciating the gesture, the Founder and Chief Medical Director, Dr. Iyke Odo, said China had always manifested hard-work, ambition, and impulsive giving.
According to him, the then young bright boy was full of humanity, kindness, love, and made friends easily, adding that “not everybody that gives is a giver. The difference is that givers are given to give.”
Dr. Odo used the opportunity to call on governments to review Nigeria’s health insurance system and make it work in Nigeria to save lives.
He said it was sad watching critically sick persons abandoned because they did not have money for treatment.
He also condemned harsh tax and electricity tariffs whereby facilities like his now pay N12 million instead of N500,000 few years back.
He wondered why hospitals were being made to pay tariffs like oil companies, citing many other countries where medical facilities were placed on low rates and tariffs so they could charge moderate fees from patients.
The Renewed Hope Initiative in conjunction with the Rivers State Government has empowered 500 elderly citizens in Rivers State with financial support of N200,000 each.
The empowerment programme was part of activities to celebrate the third anniversary of the Renewed Hope Initiative Elderly Support Scheme RHIESS, a social investment policy initiated by the First Lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu.
Speaking at the event which held at the Government House, Port Harcourt, recently, under the theme, ‘Finding Joy in Old Age,’ Senator Tinubu said the gesture which has become traditional since 2023 was a mark of gratitude in recognition of the invaluable contributions of the senior citizens to nation building.
The First Lady who was represented by the wife of the Rivers State Governor and State Coordinator of the Renewed Hope Initiative, Lady Valerie Fubara, said the scheme was to “support two hundred and fifty (250) vulnerable elderly citizens aged 65 and above in all the 36 states of the federation, the Federal Capital Territory, and veterans from the Defence and Police Officers’ Wives Association (DEPOWA) totalling 9,500 selected beneficiaries across the nation.
She urged the beneficiaries to engage in activities that will make them find joy in old age.
“I encourage you to continue playing your part by staying healthy and active, nurture both your body and mind through regular exercise and meaningful engagement,” Senator Tinubu advised.
On her part, Lady Fubara said the State Government through the magnanimity of the governor, Sir Siminalayi Fubara, has increased the beneficiaries of the programme from 250 to 500.
She restated the commitment of the State Government towards provision of social welfare and improving the standard of living of the elderly in the State.
Also speaking, the Executive Secretary, Rivers State Contributory Health Protection Programme (RIVCHPP), Dr Vetty Agala, said the State Government has through the Health4allrivers Initiative, introduced free medical care for senior citizens in the State, in line with the Renewed Hope Initiative.
