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Nigeria’s inflation rate hits 28.2% in November – NBS

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Nigeria’s inflation rate hits 28.2% in November – NBS
National Bureau of Statistics (NBS)
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The National Bureau of Statistics (NBS) on Friday said Nigeria’s  headline inflation rate increased to 28.2 per cent in November showing a 0.87 per cent points increase over the 27.33 per cent recorded in October.

The NBS noted that the November 2023 rate was 6.73 per cent higher than what was recorded in November 2022.

The bureau stated this in its Consumer Price Index (CPI) and Inflation Report for November released in Abuja.

In November 2022, it said  the headline inflation rate stood at 21.47 per cent.

It added that the increase in the headline index for November 2023 on a year-on-year basis and month-on-month basis was attributable to increases in items in the basket of goods and services at the divisional level.

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Increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuels, clothing and footwear, and transport.

There were increases also in furnishing, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverage, tobacco and kola, recreation and culture, and communication, it stated.

The NBS stated also that on a month-on-month basis, headline inflation rate in November was 2.09 per cent, which was 0.35 per cent higher than the rate recorded in October at 1.73 per cent.

“This means that in November, the rate of increase in the average price level is more than the rate of increase in the average price level in October,’’ it stated.

It added that the percentage change in the average CPI for the 12 months ending November 2023 over the average of the CPI for the previous corresponding 12-month period was 24.01 per cent.

“This indicates a 5.64 per cent increase compared to 18.37 per cent recorded in November 2022,’’ it stated.

The report indicated that food inflation rate in November increased to 32.84 per cent on a year-on-year basis, which was 8.72 per cent higher compared to the rate recorded in November 2022 at 24.13 per cent.

“The rise in food inflation on a year-on-year basis is caused by increases in prices of oil and fats, bread, cereals, fish, potatoes, tubers, fruits, meat, vegetables, coffee, tea and cocoa,’’ it stated.

It added that on a month-on-month basis, the food inflation rate in November was 2.42 per cent, which was a 0.51 per cent increase compared to the rate recorded in October 2023 at 1.91 per cent.

“The rise in food inflation on a month-on-month basis was caused by an increase in the average prices of bread and cereals, oil and fat, meat, coffee, tea and cocoa, potatoes and other tubers.

“All items, less farm produce and energy or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 22.38 per cent in November on a year-on-year basis.

“This increased by 4.39 per cent compared to 17.99 per cent recorded in November 2022.

“The exclusion of petrol is due to the deregulation of the commodity by removal of subsidy,’’ the NBS stated.

It noted that the highest increases were recorded in prices of transportation by road and by air; medical services, actual and imputed rentals for housing, pharmaceutical products and accommodation.

The NBS said on a month-on-month basis, the core inflation rate was 1.53 per cent in November 2023.

“This indicates a 0.14 per cent rise compared to what was recorded in October 2023 at 1.39 per cent.”

“The average 12-month annual inflation rate was 20.35 per cent for the 12 months ending November 2023; this was 4.66 per cent points higher than the 15.69 per cent recorded in November 2022,’’ it stated.

It added that on a year-on-year basis, urban inflation rate in November was 30.21 per cent, which was 8.13 per cent higher than the 22.09 per cent recorded in November 2022.

“On a month-on-month basis, the urban inflation rate was 2.31 per cent in November representing a 0.41 per cent increase compared to October 2023 at 1.81 per cent,’’ it added.

The report said on a year-on-year basis in November, inflationary rate in rural areas was 26.43 per cent, which was 5.55 per cent higher compared to the 20.88 per cent recorded in November 2022.

“On a month-on-month basis, the rural inflation rate was 1.99 per cent, which increased by 0.31 per cent compared to October 2023 at 1.67 per cent,’’ it stated.

On states’ profile analysis, the report showed that all- items inflation rate on a year-on-year basis in November, was highest in Kogi at 33.28 per cent, followed by Lagos at 32.30 per cent, and Rivers at 32.25 per cent.

The slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 22.47 per cent, followed by Katsina at 24.91 per cent, and Plateau at 25.53 per cent.

The report added that in November 2023, all-items inflation rate on a month-on-month basis was highest in Kano at 3.55 per cent, followed by Kebbi at 3.34 per cent, and Borno at 3.24 per cent.

“Taraba was at 0.74 per cent, followed by Anambra at 1 per cent, while and Enugu State at 1.18 per cent, recorded the slowest rise in month-on-month inflation,’’ the NBS stated.

The report said on a year-on-year basis, food inflation was highest in Kogi at 41.29 per cent, followed by Kwara at 40.72 per cent, and Rivers at 40.22 per cent.

“ Bauchi at 26.14 per cent, followed by Borno at 27.34 per cent and Jigawa at 27.63 per cent recorded the slowest rise in food inflation on a year-on-year basis.,’’ it stated.

The report showed, however, that on a month-on-month basis, food inflation was highest in Cross River at 4.37 per cent, followed by Edo at 3.95 per cent, and Rivers at 3.91 per cent.

Anambra at 0.63 per cent, followed by Oyo at 0.91 per cent and Bauchi at 1 per cent, recorded the slowest rise in inflation on a month-on-month basis, the NBS stated also.

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Nigerian cleric flees after body found buried in Cameroon church

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A Nigerian cleric wanted by Cameroonian authorities has gone into hiding after a mummified body was discovered buried beneath a concrete slab at a property linked to his church in Yaoundé.

Cameroon Tribune reports on Tuesday that the body was found on September 19 at about 9am by officers of the Nkoabang Special Police Station during an ongoing investigation involving Kedi Samuel Kenechukwu, also known as Ekedi Samuel.

Kenechukwu is the founder of Mercy of God Ministry and is currently wanted by security authorities over allegations including human trafficking, arrest and kidnapping.

Several Cameroonian news outlets have reported on the case, with Camer.be describing Kenechukwu as “a Nigerian prophet operating in Cameroon since 2018.”

According to Cameroon Tribune, investigators discovered a white-and-gold coffin buried about 1.5 metres beneath a concrete slab at the property in Nkoabang.

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The body was described as being in a state of mummification.

“The lid is broken. Inside, a body, a lady at first sight, dressed in a traditional blue outfit with gold embroidery, in a state of mummification, rests on a padding. This is not a normal grave,” the newspaper said.

Cameroon Tribune reported that the discovery was made after residents vandalised parts of the property, leading investigators to uncover the concealed underground area.

At the time of the newspaper’s report, security officers were still awaiting authorisation to conduct further searches of the site for possible remains.

The identity of the deceased and the circumstances surrounding the death had not been established.

The discovery came about 10 days after a search of the same Nkoabang property on September 9.

During that operation, investigators reportedly found five vehicles, several hundred kilogrammes of food, functioning freezers and about 30 rooms on the property.

They also discovered a pit about two metres deep, although its purpose had not been established at the time.

The Nkoabang investigation followed an earlier operation at a property associated with Mercy of God Ministry in Ngousso, Yaoundé, on September 6.

Twenty people — 10 women, eight men and two children aged six and seven — were reportedly found in a basement at the property.

The discoveries prompted security agencies to investigate other locations allegedly connected to the ministry.

Kenechukwu remains at large, with Cameroonian authorities reportedly alerting border police and involving Interpol in efforts to locate him.

The investigation into the activities at the properties and the circumstances surrounding the newly discovered body is ongoing. (PUNCH)

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2027: Obi will restore fuel subsidy in ‘different form’ — Kwankwaso

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The Vice Presidential candidate of the Nigeria Democratic Congress (NDC), Rabiu Kwankwaso, has said a government led by the party’s presidential candidate, Peter Obi, would reintroduce fuel subsidy, but through a different approach.

Kwankwaso, a former Kano State governor, said this during an interview with Arise News while discussing fuel pricing and the economic policies of President Bola Tinubu’s administration.

He said the NDC would seek ways to reduce the cost of petrol for Nigerians, including increased investment in domestic refining.

“No, no, no, look. We are bringing subsidy in our own way,” Kwankwaso said when asked whether the party’s position on subsidy would affect its campaign in the North-West.

Explaining the proposed approach, he said government could establish more refineries to boost local production and reduce dependence on imported petroleum products.

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According to him, the expansion of domestic refining capacity would help ensure that Nigerians can purchase petrol at what he described as a reasonable price.

“Now, if individuals in this country could build refineries, I see no reason why government, under certain circumstances, will not build a refinery or refineries to the extent that we achieve the minimum requirement,” he said.

Kwankwaso said the NDC would prioritise measures aimed at lowering fuel prices.

“What is the minimum requirement? The minimum requirement is for the people across the country to go to the filling stations and buy fuel at a reasonable price,” he added.

“We, in the NDC, will do whatever it takes, really, to put the price of oil down.”

The NDC chieftain also criticised how Tinubu removed the petrol subsidy shortly after assuming office in 2023.

He noted that the major presidential candidates in the 2023 election had supported subsidy removal but faulted Tinubu for implementing the policy immediately.

According to him, the decision was taken without adequately addressing the consequences associated with subsidy removal.

“And not only he decided to remove the subsidy, what he did was to remove it immediately — in fact, day one — without looking at all those possible issues that were associated with that,” Kwankwaso said.

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Enugu Air Launches New Website

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…moves online services to www.enuguairlines.ng

Enugu Air has announced the launch of its new official website, enuguairlines.ng, as part of efforts to provide passengers and customers with a better, safer and more convenient digital experience.

The airline said the migration to the new website is designed to improve how passengers connect with Enugu Air and access its services online, including flight bookings, schedules and the latest updates.

Announcing the development, the airline said: “We’ve moved! We’re innovating! We’ve migrated to a better, safer and convenient website to connect you to the world.”

Passengers can now access Enugu Air’s online services through its new web address, enuguairlines.ng, which the airline described as its new digital home.

The airline urged passengers and prospective travellers to save the new web address and use it for flight bookings, checking schedules and obtaining the latest information about its operations.

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“Same Enugu Air. New web address,” the airline stated, emphasising that the change represents an improvement in its digital platform while retaining the Enugu Air brand and services.

The airline further encouraged customers to visit, www.enuguairlines.ng for all flight-related information and online services.

It further stated that the old website, enuguairlines•com has been discarded and no longer in use.

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