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Nigeria’s Inflation Rate Increases To 21.09%

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The National Bureau of Statistics (NBS) has said that Nigeria’s headline inflation rate increased to 21.09per cent on a year-on-year basis in October, 2022.
Nigeria’s headline inflation rate stood at 20.77per cent on a year-on-year basis in September, 2022.
The NBS made this known via its Consumer Price Index (CPI) and Inflation Report for October released on Wednesday.
According to the report, the figure is 5.09per cent points higher compared to 15.99per cent recorded in October, 2021.
“This shows that the general price level for the headline inflation rate increased in October, 2022 when compared to the same month in the preceding year.
“Meaning that in October, 2022, the general price level was 5.09per cent higher relative to October, 2021,” it said.
According to the report, factors responsible for the increase in annual inflation rate include disruption in the supply of food products.
It said other factors were increased in import cost due to the persistent currency depreciation and a general increase in the cost of production such as the increase in energy cost.
The report said on a month-on-month basis, the Headline inflation rate in October, 2022 was 1.24per cent, which was 0.11per cent lower than the rate recorded in September, 2022 at 1.36per cent.
“This means that in October, 2022, the general price level for the headline inflation rate on a month–on–month basis declined by 0.11per cent,” the report.
According to the report, the factor responsible for the decline in the monthly inflation rate is a decline in the current month’s food index relative to the reference month index, which is due to the harvest season.
The report said the percentage change in the average CPI for the 12 months ending October, 2022 over the average of the CPI for the previous 12 months period was 17.86per cent
“This indicates a 0.91per cent increase compared to the 16.96per cent recorded in October, 2021,” the report noted.
It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
The report said the food inflation rate in October, 2022 was 23.72per cent on a year-on-year basis, which was 5.39per cent higher compared to the rate recorded in October, 2021 at 18.34per cent.
“The rise in food inflation is caused by increases in prices of bread and cereals, food products, potatoes, yams and other tubers, oil and fat.”
It said on a month-on-month basis, the food inflation rate in October was 1.23per cent, which was a 0.21per cent decline compared to the rate recorded in September, 2022 at 1.43per cent.
“This decline was attributed to the reduction in prices of some food items like tubers, palm oil, maize, beans, and vegetables.
“The average annual rate of food inflation for the 12-months ending October, 2022 was 19.83per cent , which was a 0.92per cent points decline from the average annual rate of change recorded in October, 2021 at 20.75per cent,” it stated.
The report said on a year-on-year basis in October, 2022, the urban inflation rate was 21.63per cent, which was 5.11per cent higher compared to the 16.52per cent recorded in October, 2021.
“On a month-on-month basis, the urban inflation rate was 1.33per cent in October, 2022, this was a 0.12per cent decline compared toSeptember, 2022 at 1.46per cent,” the report noted.
It said the corresponding 12-month average for the urban inflationrate was 18.38per cent in October, 2022.
“This was 0.85per cent higher compared to the 17.53per cent reported in October, 2021,” it said.
The report said on a year-on-year basis in October, 2022, the rural inflation rate was 20.57per cent, which was 5.09per cent higher compared to the 15.48per cent recorded in October, 2021.
“On a month-on-month basis, the rural inflation rate in October, 2022 was 1.16per cent, which declined by 0.11per cent compared to September, 2022 at 1.27per cent,” it stated.
It said the corresponding 12-month average for the rural inflation rate inOctober, 2022 was 17.38per cent, which was 0.98per cent higher compared to the 16.39per cent recorded in October, 2021.
On states’ profile analysis, the report showed in October, 2022, all items inflation rate on a year-on-year basis was highest in Kogi at 25.15per cent, followed by Bauchi at 23.45per cent, and Ondo at 23.45per cent.
It, however, said the slowest rise in headline year-on-year inflation was recorded in Plateau at 19.02per cent followed by Borno at 19.31per cent and Nasarawa at 19.39per cent.
The report, however said in October, 2022, all items inflation rate on a month-on-month basis was highest in Abuja at 3.18per cent, followed by Kebbi at 2.80per cent, and Sokoto at 2.57per cent.
“Kwara at -0.14per cent, followed by Kogi at 0.06per cent and Oyo at 0.30per cent recorded the slowest rise on month-on-month inflation,” it added.
The report said food inflation in October, 2022, on a year-on-year basis was highest in Kwara by 30.79per cent, followed by Kogi at 28.74per cent and Imo at 28.64per cent.
“Kaduna at 19.96per cent, followed by Plateau at 20.17per cent and Jigawa at 20.42per cent recorded the slowest rise on year-on-year food inflation,” it said.
It, however, said on a month-on-month basis in October, 2022, food inflation was highest in Sokoto at 3.55per cent followed by Yobe by 3.31per cent and Kebbi at 3.16per cent.
“Kwara at -0.76per cent, followed by Kogi at -0.55per cent and Akwa-Ibom at -0.21per cent recorded the slowest rise on month-on-month inflation,” it noted.

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Fubara Promises To Maximise Youth Potentials In Rivers

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Rivers State Governor, Sir Siminalayi Fubara, has affirmed his administration’s focus in prioritising policies that will maximise the potentials of the youths in the State.
Fubara made this declaration yesterday at the State NYSC permanent orientation camp, Nonwa-Gbam Tai, in Tai Local Government Area during the swearing-in ceremony of 2024 Batch A Stream 1 corps members deployed to Rivers State.
This was contained in a statement by the Head of Press Unit, Office of the Secretary to the State Government, Juliana Masi, yesterday.
Represented by the Permanent Secretary, Special Services Bureau, Office of the Secretary to the State Government, Sir Samson Friday Dede, the governor commended the NYSC Scheme for the positive impacts it is making in the nation’s quest for sustained development.
“My administration will be unwavering and fully focused in supporting the youths in maximizing their potentials”, he said.
He assured the corps members of his administration’s commitment in supporting them to achieve the mandate of uniting and integrating to the nation.
The governor further admonished corps members to take full advantage of the camp programmes and activities to equip themselves to contribute to nation building.
Earlier, Coordinator, NYSC, Rivers State, Mr. George Mfongang, had urged the corps members to be in the forefront of the nation’s development by being hard working, disciplined and morally sound.
He commended them for being passionate and enthusiastic in imbibing the lessons of the orientation exercise.
The Coordinator thanked Governor Fubara for his unflinching commitment in ensuring the security and welfare of corps members in the State especially, the payment of State allowance to them.
A total of 1,585 Corps members made up of 819 males and 766 females took the oath of allegiance at the ceremony that was administered by Justice Ibiwengi Roseline Minakiri.

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FG, Cement Manufacturers Agree On N7,000, N8,000 For 50kg Per Bag

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The Federal Government and cement manufacturers have agreed on a N7,000 to N8,000 per 50 kg bag price of cement to halt the astronomical rise in the price of the product.
This agreement was part of a deal struck after several hours of meeting held behind closed doors at the headquarters of the Ministry of Works, between the Federal Government and cement manufacturers , in Abuja, yesterday.
The manufacturers agreed to sell a 50kg bag of cement at a retail price between N7,000 and N8,000, depending on location nationwide.
They, however put a caveat that the price drop from the current market price would largely depend on government fulfilling its promised interventions in certain areas of concern to ameliorate critical challenges faced in the industry.
Retail price for cement jumped from N5,000 to N10,000 within one week in the open market, after wholesalers, citing increasing cost of transportation and other variables, made adjustments to the price they sell to retailers.
Retailers in turn transferred the additional cost burden to consumers to stay afloat.
This prompted President Bola Tinubu to order the Ministers of Works, David Umahi and his Trade and Investment counterpart, Dr. Doris Uzoka-Anite. to meet with cement manufacturers to find a solution to the crisis.
Umahi had, while calling for the meeting, expressed the Federal Government’s concern over the development, adding that if the situation wasn’t brought under control, it had the potential of hurting the prosperity agenda of the current administration.
After the meeting, Umahi read out a communique in which he mentioned concerns raised by the manufacturers.
These concerns include: bad roads, smuggling, high cost of energy, and the Forex crisis. This according to the manufacturers were the primary reasons behind the price hike.
He also said the manufacturers which include Dangote Cement PLC, BUA Cement PLC, Larfarge Africa PLC and Cement Producers Association, expressed willingness to reduce the prices going forward.
Representatives of the Federal Government include the Minister of Works and his counterpart in the Ministry of Industry, Trade and Investment.
While reading the communique, Umahi said: “The meeting noted the challenges of the manufacturers like: cost of gas; high import duty on spare parts; bad road network; high foreign exchange; and smuggling of cement to neighbouring nations.
“The government noted the challenges and reacted as follows: Federal Ministry of Industry, Trade and Investment to seek some remedies from Mr. President on cost of gas and import duties.”

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We Are Hungry, Dying, Ibadan Protesters Tell Tinubu

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Thousands of people, on Monday, thronged the major streets of Ibadan in Oyo State, to protest the hardship in the country.
The protesters, who are mainly youths, kept saying they were not out to cause trouble, but to call the attention of all the tiers of governments to the unbearable hardship in the country.
Though they did not use any objects to block the roads, they converged on accesses leading to the University College Hospital, UCH, Ibadan, Sango, Dugbe and Eleyele, thereby blocking vehicular traffic.
They displayed several placards with inscriptions such as ‘Give us good health, End bad governance, End food hike, Open border, End hardship, ‘Is this the renewed hope you promised?’
At intervals, organisers of the protest kept updating the security agents who kept vigilance to arrest anyone who caused problem or hijacked the protest for selfish ends.
During the protest, some schools and banks shut their gates.
The Tide learnt that the protest was convened through the social media.
One of the messages sent by the conveners read, “People should not pass through Mokola roundabout because there will be protest on Monday”.
The message advised that motorists should take alternative routes to their destinations.
A lady who refused to disclose her name, caught the attention of many people with a placard that read: ‘Sanitary pad now costs N4,000; we can’t be using cloth, Please, help us’. Nothing should happen to me. All I’m asking for is my legitimate earning and ease of life.’
Another woman, who identified herself as Mobolaji Inaolaji, one of the coordinators, said: “We want to tell our leaders that things are not right, they should make things easier for us. We are not here to cause violence, things are too costly and people are dying.
“It is our right to protest whether we got permit or not. We have told the security agents that they should arrest whoever causes problem. We are peaceful and law abiding. All we want is to make government know our pains. We will go through most parts of the city.”
Other protesters who were speaking with anger, said: “This problem is too much. Whoever wants to arrest me should come and do so. If we don’t die outside, we’ll die at home.”
After about an hour at Mokola, the protesters headed towards Sango and other parts of the city.

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