Inflation rate hit 14.23%, highest in four years – NBS – Newstrends
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Inflation rate hit 14.23%, highest in four years – NBS

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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.

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BREAKING: Tinubu appoints new Head of Service

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Mrs. Didi Esther Walson-Jack

BREAKING: Tinubu appoints new Head of Service

President Bola Tinubu has approved the appointment of Mrs. Didi Esther Walson-Jack as the Head of the Civil Service of the Federation (HoCSF), with effect from August 14, 2024.

According to a statement by Presidential spokesman, Ajuri Ngelale, on Wednesday night, Mrs. Walson-Jack was appointed as Federal Permanent Secretary in 2017 and had served in several Ministries.

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“The new appointee will take over from the incumbent Head of the Civil Service of the Federation, Dr. Folasade Yemi-Esan, who is due to retire on August 13, 2024.

“President Tinubu, while thanking the outgoing Head of Service for her stewardship, tasks the incoming Head of Service to discharge her duties with innovative flair, integrity, and stringent adherence to the extant rules and regulations of the Civil Service of the Federation,” he added.

BREAKING: Tinubu appoints new Head of Service

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Gov Zulum begs Nigerians not to stage nationwide protests

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Borno State governor, Babagana Umara Zulum

Gov Zulum begs Nigerians not to stage nationwide protests

Governor Babagana Zulum of Borno State has appealed to residents of Borno and Nigerians to refrain from participating in the proposed nationwide protests slated for next month.

During a stakeholders’ town hall meeting held at the Government House in Maiduguri on Wednesday, Zulum emphasized the importance of engaging in constructive dialogue instead of protests, which he believes may lead to violence and distractions. He highlighted the severe impact of the 13-year insurgency conflicts on the state and noted that protests would not be the best approach to maintaining the relative peace currently being enjoyed in Borno.

“Any break of law and order will be a disaster for us. I am appealing to the people, not only of Borno State but all Nigerians, to shun any protests that will bring hardship to Nigerians. Let us engage in positive dialogues. The Federal and state governments are doing everything possible to reduce the hardships people face in Nigeria,” Zulum said.

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He stated, “The Government of Borno State and its people have been experiencing insurgency for the past 13 years, but now peace has gradually returned to Borno State, and we must maintain this peace.”

Zulum expressed satisfaction that many stakeholders had committed not to join the protests and assured that the government of Borno State would follow up to ensure these commitments are upheld.

The town hall meeting was attended by heads of security agencies, traditional rulers, the Network of Civil Society Organizations, Young Peace Advocates, the Nigerian Union of Journalists, and the Nigerian Bar Association. Other attendees included representatives from the Civilian Joint Task Force, the Christian Association of Nigeria, Jammatul Nasir Islam, student and youth groups, women’s groups, traders, people living with disabilities, and the Nigeria Labour Congress.

Gov Zulum begs Nigerians not to stage nationwide protests

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401 Osun LG caretaker leaders quit after S’Court judgment

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401 Osun LG caretaker leaders quit after S’Court judgment

Four hundred and one chairmen and members of caretaker committees running Local Government Areas and Local Council Development Areas in Osun State have all resigned their positions.

Those that resigned include; 69 caretaker chairmen and 332 caretaker members drawn from each of the 332 wards in the state.

Letters of resignation of the chairmen circulated on social media on Wednesday but a clear reason behind their resignation was not given.

In one of the letters seen by PUNCH, the caretaker chairman of Odo-Otin local government area, Okuku, Adewale Adeyinka, said he was quitting office to pursue other opportunities to serve his people.

The letter addressed to Osun State Governor, Ademola Adeleke, dated July 17, 2024, partly read,  “It is with a sense of duty and respect for our democratic principles that I write to tender my resignation from my position as Chairman of the Caretaker Committee for Odo-Otin Local Government, effective immediately.

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“As I move on to pursue further opportunities to serve my people, I want to assure you that the good work we have started will not end.

“I remain committed to supporting the growth and development of Odo-Otin Local Government in any capacity I can.”

When contacted for comment on Wednesday, the immediate past chairman of the Association of Local Government of Nigeria in Osun State, Sarafadeen Awotunde, said all the 69 caretaker chairmen and 332 members drawn from different wards across the state have resigned their positions since the Supreme Court has declared them as illegal office occupants.

Asked to confirm the resignation of the 332 caretaker members and the chairmen, Awotunde said, “Since we already called them caretaker, I don’t think there is any appropriate word to use than that they resigned. Nobody sacked them.

“Caretakers have temporary time to spend. It means their time is over. If you look at it critically, you will see that the Supreme Court has given a verdict. So whatever is called caretaker now is illegal. So, there is nothing like a caretaker in Nigeria again.”

In Osun State, there are 30 local government areas, 32 local council development authorities, 6 area councils and one administrative office.

The last set of caretaker committee chairmen and members were appointed by Adeleke in August 2023 and their tenure of office was extended by 6 months in February 2024.

401 Osun LG caretaker leaders quit after S’Court judgment

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