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UPDATED: Inflation rises to 17.33%, highest in four years

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Inflation rate in Nigeria has risen to 17.33 per cent, the highest in four years, according to the latest statistics on the issue from the National Bureau of Statistics.

It stated that the consumer price index, measuring the rate of increase in the price of goods and services, increased to 17.33 percent in February.

This is the highest point since April 2017.

According to the CPI/Inflation report released by the NBS on Tuesday, the food inflation stood at 21.79 per cent, the highest point since the 2009 data series began.

On a month-on-month basis, the headline index increased by 1.54 per cent in February 2021. This is 0.05 per cent rate higher than the rate recorded in January 2021 (1.49 per cent.

The percentage change in the average composite CPI for the 12-month period ending February 2021 over the average of the CPI for the previous period was 14.05 per cent, showing 0.43 per cent point from 13.62 per cent recorded in January 2021.

The urban inflation rate increased by 17.92 per cent (year-on-year) in February 2021 from 17.03 per cent recorded in January 2021, while the rural inflation rate increased by 16.77 per cent in February 2021 from 15.92 per cent in January 2021.

On a month-on-month basis, the urban index rose by 1.58 per cent, up by 0.06 the rate recorded in January 2021, while the rural index rose by 1.50 per cent, up by 0.04 the rate that was recorded in January 2021 (1.46) per cent.

The corresponding 12-month year-on-year average percentage change for the urban index is 14.66 percent in February 2021.

This is higher than 14.23 per cent reported in January 2021, while the corresponding rural inflation rate is 13.48 per cent compared to 13.04 per cent recorded in January 2021.

Food

The composite food index rose by 21.79 per cent in February 2021 compared to 20.57 per cent in January 2021.

This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, food products such as fruits, vegetable, fish and oils and fats.

On a month-on-month basis, the food sub-index increased by 1.89 per cent, up by 0.06 per cent from 1.83 per cent recorded in January 2021.

The average annual rate of change of the Food sub-index for the 12-month period ending February 2021 over the previous 12-month average was 17.25 per cent, 0.59 per cent from the average annual rate of change recorded in January 2021 (16.66) percent.

The “All items less farm produce” or core inflation, which excludes the prices of volatile agricultural produce stood at 12.38 per cent in February 2021, up by 0.53 per cent when compared with 11.85 per cent in the previous month.

On a month-on-month basis, the core sub-index increased by 1.21 per cent in February 2021. This was down by 0.05 per cent when compared with 1.26 per cent recorded in January 2021.

The highest increases were recorded in the cost of passenger transport by air, medical services, miscellaneous services relating to the dwelling, hospital services, passenger transport by road, pharmaceutical products, paramedical services, repair of furniture, vehicle spare parts, maintenance and repair of personal transport equipment, motor cars, dental services and hairdressing salons and personal grooming establishment,

The average 12-month annual rate of change of the index was 10.77 per cent for the 12-month period ending February 2021. This is 0.25 per cent higher than 10.52 per cent recorded in January 2021.

States

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.

All items inflation

In February 2021, all items inflation on a year-on-year basis were highest in Kogi (24.73 per cent), Bauchi (22.92 per cent) and Ebonyi (20.45 per cent), while Enugu (14.73 per cent), Kwara (14.25 per cent) and Cross River (12.97 per cent) recorded the slowest rise in headline year-on-year inflation.

On a month-on-month basis, however, in February 2021 all items inflation was highest in Kogi (3.25 per cent), Ondo (2.46 per cent) and Kebbi (2.43 per cent), while Kwara (0.84 per cent), Kano (0.70 per cent) and Oyo (0.38 per cent) recorded the slowest rise in headline inflation month on month.

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Nigeria’s inflation records first drop in 20 months, now 18.12%

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Nigeria’s inflation rate dropped to 18.12 per cent in April this year from 18.17 per cent recorded in March, the first decline in headline inflation in 20 months.
This is contained in the latest consumer price index report just released by the National Bureau of Statistics.
The last time the consumer price index which measures the rate of change in the price of goods and services dropped was in 2019 when it slowed from 11.08 per cent in July to 11.02 in August.
The NBS, which announced this on Monday, stated that the food inflation also reduced to 22.75 per cent in April from 22.95 in March.
“The urban inflation rate increased by 18.68 per cent (year-on-year) in April 2021, down by 0.61 the rate recorded in March 2021(1.60), while the rural index also rose by 0.95 per cent in April, down by 0.57, the rate recorded in March 2021 (1.52 per cent),” the report said.
It also stated, “The rise in food index was caused by increase in prices of Coffee, tea, coca, bread and cereals, soft drinks, milk, cheese and eggs, vegetables, meat, oils and fish and potato, yam and other tubers.
“On a month-on-month basis, the food sub index increased by 0.99 percent in April 2021, down by 0.91 percent points from 1.90 percent recorded in March 2021.”
The report noted that food inflation on a year-on-year basis in April was highest in Kogi at (30.52 per cent), Ebonyi (28.07 per cent), Sokoto (26.09 per cent), while Abuja (18.63 per cent), Akwa-Ibom (18.51 per cent), and Bauch (17.64 per cent) recorded the slowest rise in year-on-year inflation.
“On a month-on-month basis, however, April 2021 was highest in Kebbi (2.46 per cent), Ekiti (2.42 per cent), and Kano (2.17 percent) while Abuja (0.05 per cent) recorded the slowest rise in the month-on-month food inflation with Rivers and Ogun recording price deflation or negative inflation.”

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FG to launch maritime security strategy next month

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The Federal Government will launch a maritime security strategy next month to address challenges in the sector, Minister of Transportation, Rotimi Amaechi has said.
He stated this in Abuja on Monday while playing host to the Belgium Ambassador to Nigeria, Daniel Bertrand, who paid him a courtesy visit in his office.
Amaechi said, “The crisis in the maritime sector is insecurity and it is more complex than the world knows, but the Federal Government has come up with a solution and it is ready to take off. The Navy, Police, Army and State Security Service are involved.”
A statement by Anastasia Ogbonna, Acting Director (Press and Public Relations), Ministry of Transportation, quoted the minister as saying that if successful, maritime insecurity would be addressed while noting that countries in the Gulf of Guinea may elect to adopt it.
He said, “Sixty-five per cent or 75 per cent of crime comes from our waters and if we are able to eliminate it, then we will be making a lot of progress.
“If you are on air, you will see what is happening in the water. If you are inside the waters, you will be able to respond. A helicopter has the capacity to drop in the naval men when they see anything suspicious.”
He added that the partner would be willing to compare notes with anyone who wanted information for the purpose of securing the Gulf of Guinea.
Ambassador Bertrand had earlier presented a letter to the minister requesting the support of the Nigerian government for the Belgium candidate for the position at the International Maritime Organization.
He also promised his country’s readiness to support the implementation of maritime security in the Gulf of Guinea.

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Limit your speed to 30km/h, FRSC tells all motorists

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FRSC Corps Marshal, Boboye Oyeyemi

As Nigeria joins the rest of the world to mark the 6th United Nations Global Road Safety Week, the Federal Road Safety Corps has asked motorists to limit their speed to 30 kilometres per hour in urban or built-up areas for all categories of vehicles.
The global safety week will be celebrated between Monday May 17 and Sunday May 23, 2021.
The Bauchi Sector Commander, FRSC, Mr Yusuf Abdullahi, made the recommendation on Monday in a statement issued by the FRSC Public Relations Officer in the state, Mr Rilwanu Suleimanu.
The corps said speeding was responsible for about 30 per cent of crashes in Nigeria.
Abdullahi explained that the corps would be using the 6th United Nations Global Road Safety Week to carry out an advocacy programme where people would be educated on the issue.
He said, “The 6th UN Global Road Safety Week will focus on the issue of speed.
“The week advocates for safer streets motoring by making 30 km/h speed limits, the norm for cities worldwide in places where people mix with traffic.
“The week is concerned about policy commitments at national and local levels to deliver the 30 km/h speed limits in urban areas and to generate local support for such low speed measures in order to create safe, healthy traffic flow within Urban cities globally.
“As a lead agency in road safety management and administration in Nigeria, the FRSC is hosting the event and embarking on nationwide advocacy to replicate this global activity in selected Nigerian Cities.
“Pursuant to this, the Bauchi State command of the FRSC organises public education campaign programmes to inculcate the norm of 30km/hr speed limits among road users.”
He called on the general motoring public to always adhere to the maximum legal speed limit while in the city or in built up areas so as to prevent crashes, its attendant injuries as well as its fatalities.
Abdullahi, who further stressed the need to avoid speeding, considered among the critical traffic violations with high risk factor, said speeding would lead to increase in crash severity, resulting in more fatalities or injuries.
The sector commander explained that more damage would be caused to vehicles involved in speeding when they crashed, thereby increasing the likelihood of such vehicles not drivable thereafter.
“Speeding also leads to extra fuel consumption and frequent replacement of auto parts, among others,” he said.
The public advocacy programme would include media charts, roadshows, visits to hospitals, and advocacy visits to stakeholders, including policymakers and others.

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