By AbdulAzeez Dare
The National Bureau of Statistics (NBS) has released the consumer price index for October 2020 and it puts the inflation rate at 14.23 per cent.
The figure indicates that the inflation rate jumped by 0.52 percentage points, which is the highest since July 2016 when the inflation rate increased by 0.65 percentage points.
Inflation measures the rate at which the prices of goods and services increase over a period of time.
The October CPI/Inflation report released on Monday showed that food inflation hit 17.38 per cent in October 2020 compared to 16.66 per cent in September 2020.
On a month-on-month basis, the headline index increased by 1.54 per cent in October 2020, this is 0.06 per cent rate higher than the rate recorded in September 2020 (1.48 per cent).
The percentage change in the average composite CPI for the 12 months period ending October 2020 over the average of the CPI for the previous 12 months period was 12.66 per cent, showing a 0.22 per cent point rise from 12.44 per cent recorded in September 2020.
The urban inflation rate increased by 14.81 per cent (year-on-year) in October 2020 from 14.31 per cent recorded in September 2020, while the rural inflation rate increased by 13.68 per cent in October 2020 from 13.14 per cent in September 2020.
On a month-on-month basis, the urban index rose by 1.60 per cent in October 2020, up by 0.04 from 1.56 per cent recorded in September 2020, while the rural index also rose by 1.48 per cent in October 2020, up by 0.08 from the rate recorded in September 2020 (1.40 per cent).
The corresponding 12-month year-on-year average percentage change for the urban index is 13.29 per cent in October 2020. This is higher than 13.07 per cent reported in September 2020, while the corresponding rural inflation rate in October 2020 is 12.09 per cent compared to 11.86 per cent recorded in September 2020.
This rise in the food index was said to be caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetable, alcoholic and food beverages and oils and fats.
On a month-on-month basis, the food sub-index increased by 1.96 per cent in October 2020, up by 0.08 per cent points from 1.88 percent recorded in September 2020.
The average annual rate of change of the food sub-index for the 12-month period ending October 2020 over the previous 12-month average was 15.42 per cent, representing a 0.29 per cent points from the average annual rate of change recorded in September 2020 (15.13) per cent.
The “All items less farm produce” or core inflation, which excludes the prices of volatile agricultural produce stood at 11.14 per cent in October 2020, up by 0.56 per cent when compared with 10.58 per cent recorded in September 2020.
On a month-on-month basis, the core sub-index increased by 1.25 per cent in October 2020. This was up by 0.31 per cent when compared with 0.94 percent recorded in September 2020.
The highest increases were recorded in prices of passenger transport by air, hospital and medical services, passenger transport by road, pharmaceutical products, motor cars, vehicle spare parts, maintenance and repair of personal transport equipment, hairdressing salons and personal grooming establishments, miscellaneous services relating to the dwelling, paramedical services and shoes and other footwear.
The average 12-month annual rate of change of the index was 9.96 per cent for the twelve-month period ending October 2020 representing is 0.19 per cent points higher than 9.77 per cent recorded in September 2020.
In October 2020, all items inflation on year on year basis was highest in Zamfara (17.69 per cent), Sokoto (16.99 per cent) and Ebonyi (16.91 per cent), while Lagos (11.96 per cent), Abuja (11.84 per cent) and Cross River (10.50 per cent) recorded the slowest rise in headline Year on Year inflation.
On month on month basis however, October 2020 all items inflation was highest in Sokoto (2.91%), Edo (2.53%) and Akwa Ibom (2.52%), while Oyo (0.69%), Taraba (0.60%) and Jigawa (0.37%) recorded the slowest rise in headline month on month inflation.
In October 2020, food inflation on a year on year basis was highest in Edo (21.65%), Zamfara (20.88%) and Kogi (20.58%), while Lagos (14.57%), Ogun (14.47%) and Ondo (14.23%) recorded the slowest rise.
On month on month basis however, October 2020 food inflation was highest in Kwara (3.88%), Edo (3.81%) and Sokoto (3.65%), while Oyo (0.57%) and Jigawa (0.54%) and Taraba (0.29%) recorded the slowest rise on month on month inflation.
Boko Haram attacks Yobe military base, three soldiers injured
Three soldiers were wounded on Saturday when Boko Haram insurgents attacked a military base at Katarko village in the Gujba Local Government Area of Yobe State.
The reportedly insurgents drove into Katarko village in about 10 gun trucks and attacked the military formation.
They were said to have engaged the security operatives at the base in a gun duel.
The Cable reports that troops of the Nigerian Army, who repelled the attack, alongside airstrikes by the Nigerian Air Force, were said to have killed many of the insurgents.
However, a precise number of fatalities had not been ascertained as of the time of filing this report. It was only gathered that three soldiers were injured in the attack.
“Two to three soldiers were injured and have been taken to hospital in Damaturu for treatment,” the source said, adding, “Many Boko Haram members are also feared dead. They were struck by foot soldiers and air support.”
Ijaw group warns against tampering with 13 percent derivation formula
A Niger-Delta group, Ijaw People Assembly (IPA) has condemned the proposal by 59 members of the House of Representatives seeking an amendment of Section 162(2) of the 1999 Constitution.
It said the real motive was targeted at deleting the Principle of Derivation which stipulated 13% of the revenue accruing to the Federation Account from natural resources, describing the move “as an inglorious attempt and a misadventure.”
The group’s scribe, Dortimi Tawari, who spoke in a statement, yesterday, said the plan was an “invitation to chaos and eventual collapse of the Nigerian economy.”
Tawari warned the proposal was “another form of internal colonization, an attempt to strangulate and subjugate the Ijaw nation and other Niger-Delta nationalities.”
Part of the statement read: “The Ijaw nation being a host nation to oil and gas resources and assets, the IPA views this proposal as another form of internal colonization, an attempt to strangulate and subjugate the Ijaw nation in particular and the other Niger Delta nationalities.
“Need it be mentioned that it is an invitation to chaos and eventual collapse of the Nigerian economy. The ljaw People Assembly vehemently oppose a system that will drag the ljaw Nation and the other nationalities in the Niger Delta into undeserved subjugation and retrogression.”
Tawari reiterated the call for a restructured Nigeria that “guarantees resource ownership, control, management and freedom to appropriate a declared percentage of derived revenue to the central government or an arrangement of sovereign nations as the extreme option.”
He said a restructured Nigeria “will promote a productive economy and end the current monthly sharing (rentier) economy under some spurious formular which has encouraged laziness and unviability of states from which the said 59 members all hail from.”
Treat bandits as terrorists – Speakers tell President Buhari
The Conference of Speakers in Nigeria has called on President Muhammadu Buhari to declare bandits terrorists and enemies of the state.
The Chairman of the conference and Speaker, Bauchi House of Assembly, Rt. Hon. Abubakar Suleiman, made the pronouncement at the end of the third quarter general meeting of the Conference of Speakers in Katsina on Saturday.
He said the call was one of the outcomes of their 5-point communique reached at the end of their deliberations.
According to the Speakers’ Chairman, they have come to realise that the mode of operations employed by the bandits is not in anyway different from that of terrorists and as such should be treated as one.
Other resolutions reached in the course of the deliberations included working out a legislative framework to complement federal government efforts in the fight against insecurity in the country.
Also, the conference resolved to come up with appropriate laws that will address the fundamental issues responsible for the insecurity experienced in the country.
The communique also harped on the need to create employment opportunities for the teeming youths as a means to curb the insecurity situation bedeviling the country.
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