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Food Price Hike, Others Push Nigeria’s Inflation To 14.23% —— National Bureau Of Statistics

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4 years ago

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The hike in food prices and other individual consumption across the country further increased the rate of inflation in Nigeria to 14.23 percent in October 2020.

Figures released by the National Bureau of Statistics on Monday showed that the country’s inflation increased again in October, moving up by 0.52 percent when compared to what was recorded in the preceding month.

The bureau said, “The Consumer Price Index, which measures inflation increased by 14.23 percent (year-on-year) in October 2020.

“This is 0.52 percent points higher than the rate recorded in September 2020 (13.71 percent).”

It was observed that increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index.

On a month-on-month basis, the headline index increased by 1.54 percent in October 2020, representing 0.06 percent rate higher than the rate recorded in September 2020 (1.48 percent).

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 percent.

This showed a 0.22 percent point rise from 12.44 percent recorded in September 2020.

The urban inflation rate increased by 14.81 percent (year-on-year) in October 2020 from 14.31 percent recorded in September 2020.

The rural inflation rate, on the other hand, increased by 13.68 percent in October 2020 from 13.14 percent in September 2020.

On a month-on-month basis, the urban index rose by 1.6 percent in October 2020, up by 0.04 from 1.56 percent recorded in September 2020.

The rural index also rose by 1.48 percent in October 2020, up by 0.08 from the rate recorded in September 2020 (1.40 percent).

The corresponding 12-month year-on-year average percentage change for the urban index was 13.29 percent in October 2020.

This was higher than 13.07 percent reported in September 2020, while the corresponding rural inflation rate in October 2020 was 12.09 percent compared to 11.86 percent recorded in September 2020.

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BIG STORY

JUST IN: Court Remands Yahaya Bello In EFCC Custody Amid Alleged N110bn Fraud Case

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3 hours ago

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November 27, 2024

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The Federal Capital Territory (FCT) High Court has remanded Yahaya Bello, former governor of Kogi, in the custody of the Economic and Financial Crimes Commission (EFCC).

Bello was arraigned on a 16-count charge related to alleged money laundering on Wednesday.

He pleaded not guilty to all the charges.

 

More to come…

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BIG STORY

First Phase Of 10,800-Bed Hostel In LASU Ready — Tokunbo Wahab

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3 hours ago

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November 27, 2024

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The first phase of a 10,800-bed hostel project at the Lagos State University (LASU) is now ready for inauguration, according to Tokunbo Wahab, former special adviser to the governor on education.

Wahab, who is now commissioner for environment and water resources in Lagos, describes the project as ambitious and transformative.

“ It remains one of the most ambitious and transformative projects undertaken during my time as the Special Adviser to the Governor on Education,” he wrote on X.

“It was executed through a Public-Private Partnership (PPP) model under a Build-Operate-Transfer (BOT) arrangement which involves seven reputable investors.”

Wahab commended Babajide Sanwo-Olu, Lagos governor, for his leadership and continuous support.

“Proud of the work done here and to have been a part of this special one,” he added.

“Through the grace of God and the unwavering support and the dedication of the Lagos State Office of Public-Private Partnerships, the relentless efforts of the management staff of LASU, led by Vice Chancellor Prof. Ibiyemi Olatunji-Bello, and the cooperation of other key stakeholders, the first phase of this landmark project has now been completed.”

Wahab emphasized that the project showcases the state government’s commitment to leveraging public-private partnerships to address critical infrastructure needs in the education sector.

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BIG STORY

JUST IN: Yahaya Bello Pleads Not Guilty In Alleged N110bn Fraud Case

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4 hours ago

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November 27, 2024

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Former Kogi State Governor, Yahaya Bello, has pleaded not guilty to the 16-count charge filed against him by the Economic and Financial Crimes Commission (EFCC) over his alleged involvement in a N110 billion fraud.

Bello was arraigned on Wednesday before Justice Maryanne Anenih of the Federal Capital Territory High Court in Abuja.

The former Kogi governor had been declared wanted by the EFCC in April 2024.

 

More to come…

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