News
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 Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.
Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.
Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.
According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”
He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.
The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.
Prayers were offered for Rivers State and Nigeria.
Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.
Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.
In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.
The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.
“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.
“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”
Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”
“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.
“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”
The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.
The Tide source recalls that the VP departed Abuja, yesterday.
He led other Nigerian officials at the Assembly.
As part of Nigeria’s 65th Independence anniversary celebration, the Federal Government held a special thanksgiving service on Sunday at the National Ecumenical Centre in Abuja to offer prayers and give thanks for the nation.
The event drew top government officials and security chiefs, including Senate President Godswill Akpabio and Secretary to the Government of the Federation, George Akume, as well as their spouses.
Other notable guests included Finance Minister and Coordinating Minister of the Economy Wale Edun, former Plateau State Governor, Senator Simon Lalong, and the Chief of Defence Staff, General Christopher Musa, who led the service chiefs in attendance.
Service chiefs present included the Chief of Naval Staff, Vice-Admiral Emmanuel Ogala, Inspector-General of Police Kayode Egbetokun, Comptroller-General of the Nigerian Immigration Service, Mrs Kemi Nandap and Controller-General of the Nigerian Correctional Service, Sylvester Nwakuche, among others.00
The service came days after the government unveiled the official theme and some of the activities slated for the 2025 Independence celebrations.
This year’s anniversary is tagged “Nigeria @ 65: All Hands on Deck for a Greater Nation,” as announced by the Director of Information and Public Relations at the Office of the Secretary to the Government of the Federation, Segun Imohiosen, in a statement on Wednesday.
“As part of activities to mark the 65th Independence Anniversary, the Juma’at Prayer and the Inter-Denominational Church Service will be held on Friday, 26th September at 1 pm and Sunday, 28th September at 10 am respectively, as well as the World Press Conference on Monday, 29th September at 10 am,” he said.
The Tide source had earlier reported that President Bola Tinubu, alongside former Heads of State, Yakubu Gowon, Olusegun Obasanjo and Goodluck Jonathan, is expected as a special guest at a national discourse convened by the Island Club, Lagos, to mark Nigeria’s 65th Independence Anniversary.
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