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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NLC suspends nationwide protests, gives govt fresh March 13 ultimatum

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NLC suspends nationwide protests, gives govt fresh March 13 ultimatum

 

The Nigeria Labour Congress (NLC) has suspended its two-day nationwide protests.

It also announced a March 13 ultimatum to the government to meet all its demands.

The NLC disclosed these in a communiqué issued Tuesday night but declared that its nationwide action would continue on Wednesday with press conferences.

The union had declared a two-day nationwide mass protest for February 27 and 28, over the economic hardship facing millions of Nigerians since the removal of the petrol subsidy in May 2023.

The NLC and Trade Union Congress of Nigeria (TUC) on February 8, gave a 14-day ultimatum to the Federal Government over the rising cost of living in the country.

A late night meeting on Monday between the Federal Government and the NLC was failed to stop the nationwide protests.

On Tuesday morning, the protesters began their marches from the Labour House in Abuja and the Ikeja under-bridge in Lagos, while chanting solidarity songs and slogans.

Joe Ajaero, NLC president, and Omoyele Sowore, presidential candidate of the African Action Congress (AAC) in the 2023 election, led the Abuja rally.

But in a communique at the end of its national executive council meeting on Tuesday, the NLC said the objectives of the protest were achieved on the first day of the demonstration.

It stated, “Consequently, NEC-in-session resolved as follows: to suspend street action for the second day of the Protest having achieved overwhelming success thus attained the key objectives of the 2-day protest on the first day.

“However, nationwide action continues tomorrow with simultaneous Press Conferences across all the states of the federation by the state councils of the Congress including the National Headquarters.”

The NLC NEC also resolved in its meeting, to “reaffirm and extend the 7-days ultimatum by another 7 days which now expires on the 13th day of March, 2024 within which the government is expected to implement all the earlier agreements of the 2nd day of October, 2023 and other demands presented in our letter during today’s nationwide protest.

“To meet and decide on further lines of action if on the expiration of the 14 days government refuses to comply with the demands as contained in the ultimatum.”

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Tinubu launches initiative to balance expatriate quota in Nigeria 

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Tinubu launches initiative to balance expatriate quota in Nigeria 

 

President Bola Tinubu on Tuesday launched the Expatriate Employment Levy (EEL), an initiative aimed at facilitating homegrown skill retention and technology domestication.

It is also to balance employment opportunities between Nigerians and expatriates in foreign firms in Nigeria.

Speaking at the launch of the EEL handbook, the President said the aim is to close wage gaps between expatriates and the Nigerian labour force, while increasing employment opportunities for qualified Nigerians in foreign companies operating in the country.

Tinubu, however, warned that the scheme should not be used to discourage foreign investors.

The President said, “We expect improved revenue generation; improved naturalization and indigenization; we anticipate the employment of more qualified Nigerians by foreign companies operating in this country.

“We seek a greater balancing of employment opportunities between Nigerians and expatriates and the closure of the wage gap between expatriates and the Nigerian labour force by making it more attractive to hire Nigerians.

“I declare my support for the Expatriate Employment Levy scheme, and I will continue to encourage the operators, practitioners of immigration matters and expatriate quotas, but I emphasize: do not use it as a bottleneck; do not use it as an obstacle to frustrate potential investors.

“There will be clear lines of implementation and effective acceleration of aims and objectives of this programme.

“Officials in charge of immigration matters, expatriate quotas, and relevant stakeholders have to be effectively guided to make Nigeria the focus of the objective of this EEL.”

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Gov Makinde joins NLC protest, says hardship will be over soon

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Gov Makinde joins NLC protest, says hardship will be over soon

Oyo State Governor, Seyi Makinde, on Tuesday, joined the state chapter of the Nigeria Labour Congress in its peaceful protest.

Makinde assured the protesters that the current hardship would soon be over.

The workers began their protest from the NLC state secretariat, Agodi in Ibadan, the state capital, down to Gate – NTA – Yemetu roundabout where Governor Makinde joined the protesting workers.

The governor said, “I am aware of the hardship in town and the difficulty the people are going through but I will be part of the generation that will fix the country.”

He also told the workers that their letters of protest and complaints would be delivered to President Bola Tinubu.

Earlier, the state NLC Chairman, Kayode Martins, said the cost of living was no longer bearable, especially for the common man.

He said, “The cost of living in Nigeria today is nothing to write home and the people are fed up. So that’s why we are on the street now.”

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