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Nigeria’s inflation rate rises to 19.6%, highest in 17 years

Published

1 year ago

August 16, 2022

Advocate News Nigeria

Nigeria’s inflation has increased to 19.64 per cent in July, bringing the country’s inflation figure to the highest recorded since 2005, the National Bureau of Statistics (NBS) has disclosed.

Prince Semiu Adeniran, the Statistician-General of the Federation and Chief Executive Officer, of NBS stated this in the Consumer Price Index (CPI) for July 2022 released by the bureau in Abuja on Monday.

Giving a breakdown of the report in a statement, Adeniran said that the CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.

According to him, it is a core macroeconomic indicator used in the derivation of the inflation rate for policy, planning, and monitoring of an economy.

Adeniran said the report showed that in July 2022, on a year–on–year basis, the headline inflation rate was 19.64 per cent.

“This is 2.27 per cent points higher compared to the rate recorded in July 2021, which was 17.38 per cent.

“This shows that the headline inflation rate increased in July 2022 when compared to the same month in the previous year of July 2021.

“This means that in July 2022, the general price level was 2.26 per cent higher than in July 2021.’’

He said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

Adeniran said the increase in inflation was caused by an increase in the food index attributed to the disruption in the supply of food products.

The statistician-general also said the increase in inflation was caused by an increase in the cost of transportation arising from the higher cost of energy.

According to him, the increase in the inflation rate was also due to an increase in import costs as a result of currency depreciation, as well as a general increase in the cost of production.

He said on a month-on-month basis, the headline inflation rate in July 2022 was 1.817 per cent, which was higher than the rate recorded in June 2022 at 1.816 per cent.

“The percentage change in the average CPI for the twelve months ending July 2022 over the average of the CPI for the previous twelve months period was 16.75 per cent.

“This is showing a 0.46 per cent increase compared to 16.30 per cent recorded in July 2021.’’

Adeniran said the composite food index on a year-on-year basis was 22.02 per cent in July 2022, showing a rise compared to 21.03 per cent in July 2021.

He said the rise in the food index was caused by increases in prices of Bread and cereals, Food products, potatoes, yam, and other tubers, meat, fish, oil, and fat.

The statistician-general said on a month-on-month basis, the food sub-index in July 2022 was 2.04 per cent lower than the 2.05 per cent recorded in June 2022.

“The index for all items less farm produce (Core inflation), which excludes the prices of volatile agricultural produce stood at 16.26 per cent in July 2022 on a year-on-year basis.

“This was higher when compared to 13.72 per cent recorded in July 2021. On a month-on-month basis, the core sub-index was 1.75 per cent in July 2022 higher when compared to 1.56 per cent recorded in June 2022.

He said the highest increases were recorded in prices of gas, liquid fuel, solid fuel, passenger transport by road, passenger transport by air, garments, cleaning, repair and hire of clothing.

Adeniran said on a year-on-year basis, in July 2022, the urban inflation rate was 20.09 per cent, 2.08 per cent higher compared to 18.01 per cent recorded in July 2021.

He said on a month-on-month basis the urban inflation rate was 1.82 per cent in July 2022, showing a decline compared to June 2022 at 1.82 per cent.

Adeniran said the rural inflation rate in July 2022 was 19.22 per cent on a year-on-year basis, which was 2.47 per cent higher compared to the 16.75 per cent recorded in July 2021.

“On a month-on-month basis, the rural inflation rate in July 2022 was 1.811 per cent, which was higher compared to June 2022 at 1.809 per cent.’’

Adeniran said all Items Inflation for the states in July 2022 on a year-on-year basis was highest in Akwa Ibom with 22.88 per cent, followed by Ebonyi with 22.51 per cent, and Kogi with 22.08 per cent.

The statistician-general said the slowest rise was recorded in Jigawa with 16.62 per cent, followed by Kaduna State with 17.04 per cent and Borno with 18.04 per cent.

Adeniran said on a month-on-month basis, July 2022 recorded the highest increase in Adamawa with 2.87 per cent, followed by Abuja with 2.84 per cent, and Oyo State with 2.77 per cent.

“While Bauchi recorded the slowest rise on month-on-month inflation with 0.82 per cent, followed by Kano State with 0.83 per cent and Niger State with 1.03 per cent.’’

He said Food Sub-index Inflation for the states in July 2022 on a year-on-year basis was highest in Kwara with 29.28 per cent, followed by Akwa Ibom with 27.22 per cent, and Kogi with 26.08 per cent.

The statistician-general said Kaduna State recorded the slowest rise in food inflation year-on-year with 17.16 per cent, followed by Jigawa with 17.46 per cent and Anambra with 19.25 per cent.

Adeniran said on a month-on-month basis, the food inflation sub-index was highest in Kwara with 3.90 per cent, followed by Delta with 3.61 per cent, and Benue with 2.94 per cent.

While he said Taraba, Gombe, and Niger recorded the slowest rise on month-on-month inflation with 0.14 per cent, 0.94 per cent, and 1.13 per cent respectively. (NAN)

News

Supreme Court to deliver judgement on Kogi APC guber primary Oct 23

Published

17 hours ago

September 28, 2023

Advocate News Nigeria

• Usman Ododo and Smart Adeyemi

The Supreme Court, on Thursday, adjourned an appeal filed by Senator Smart Adeyemi against the judgments of the lower courts, on the Kogi APC Governorship primary election, to October 23, 2023, for judgment.

Adeyemi had filed a suit at the Federal High Court seeking to nullify the primary election of the All Progressive Congress, which produced Usman Ododo as the party’s flagbearer for the state’s governorship election slated for November 11.The case was dismissed by both the High Court and the Court of Appeal for lacking in merit.

The apex court, while hearing his appeal, on Thursday, told his lawyer, Musibau Adetumbi, SAN, that his client was appealing against concurrent findings of the High Court and the Court of Appeal, which stated that primary elections were held in Kogi State but that he had failed to challenge these concurrent findings.

However, the appellant’s counsel said he would go ahead to argue the appeal.

The Supreme Court therefore adjourned the appeal to October 23, 2023, for judgment.The representatives of the Independent National Electoral Commission, All Progressives Congress and Usman Ododo include Chief Anthony Adeniyi (SAN) Abdulwahab Mohammed (SAN) and M.Y. Abdullahi, SAN; respectively.

The Court of Appeal had, on August 18, 2023, held that the appeal argued by Adekunle Otitoju on behalf of Adeyemi was completely bereft of merit.

In a unanimous judgment of a 3-man panel of Justices of the Court, Adeyemi was said to have failed to establish all grievous criminal allegations made against the conduct of the primary election by APC and its leaders.

News

50 poisoned at wedding party

Published

18 hours ago

September 28, 2023

Advocate News Nigeria

No fewer than 50 people were poisoned at a wedding in Iraq’s northern province of Kirkuk due to spoiled food, local media reported.

According to the report, the incident occurred in the town of Hawija, west of Kirkuk, the capital city of the cognominal province.

The provincial health chief, Ziyad Khalaf, said some of the cases were mild while some were serious.

He added that all the patients have received the necessary medical treatment in the hospital.

The incident came a day after a deadly fire ripped through a wedding hall in a predominantly Christian town in Iraq’s northern province of Nineveh, killing 114 people and injuring more than 200. (Xinhua/NAN)

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Make a difference in Niger Delta, Ogbuku charges new directors

Published

18 hours ago

September 28, 2023

Advocate News Nigeria

The Managing Director of the Niger Delta Development Commission, NDDC, Dr Samuel Ogbuku, has enjoined the newly promoted Directors of the Commission to make a difference in the discharge of their duties and take the Commission to greater heights.

Ogbuku, who gave the charge at the closing session of a two-week course on Leadership and Performance Management for directing staff of the NDDC in Abuja, said that the provision of quality services to the people of the Niger Delta was a collective responsibility and should be given priority.

According to him, the reason for sending the new Directors for training was to ensure they took the administrative knowledge acquired back to the Commission in order to make a difference for the overall benefit of the region.

He said: “We are supposed to be training and retraining our staff. This is just the beginning. I want the directors to take back the knowledge they have gained to others in the NDDC to better appreciate their roles and understand the expectations from them.

“We want to do things differently. We want to improve on our services. We want to take up challenges. We want to start with the staff first to ensure that all the staff are properly trained and they understand their roles.”

Ogbuku urged the directors to ensure they utilised the experiences gathered from the training to improve the administrative processes in NDDC to ensure that things were done differently.

He said further: “As new directors, you need to understand your roles and understand your boundaries. You also need to understand your strengths and understand when to use them and when not to.

“You need to understand that you are public servants and not civil servants. So, these are some of the things we thought you ought to be equipped with.”

“Over the years we have seen a situation where the staff of the NDDC seem to act as politicians, but as directors who have been inducted into Administrative Staff College of Nigeria (ASCON), I believe that you are not only going to be ambassadors of NDDC, you are also going to be worthy ambassadors of ASCON,” he said.

He stressed that his expectation was to work with directors who understood that they were career civil servants, and aspiring to get to their peak as professionals, not those who want to be nepotic or tribalistic.

Ogbuku noted that directors should be wary of their actions, adding that some of their actions could mislead their subordinates who are looking up to them as role models.

In her address, the Director General of ASCON, Mrs. Cecilia Gayya noted that training was essentially an activity that was designed to make an employee more efficient and productive in the performance of their functions.

She said that the focus of training was to ensure efficient and effective application of knowledge, skills and attitude for improved performance, noting: “The programme was carefully designed and implemented to provide the needed knowledge, skills and capacity to adequately and promptly discharge their responsibilities and thus, make meaningful contributions towards the attainment of the mission and vision of the NDDC.

“The conscientiousness with which you participated in this programme for the past two weeks is a testimony to your preparedness for the challenges ahead and thus gives us hope that this training will impact positively on your performance, especially as you rise higher in the strategic realm of the management of the Commission.