Nigeria’s inflation rate hits 17.6 % in August

Nigeria’s inflation rate hits 17.6 % in August – NBS

Buhari

The National Bureau of Statistics (NBS) says Consumer Price Index (CPI) has increased to 17.6 per cent (year-on-year) in August from 17.1 per cent recorded in July.

A report released by the NBS in Abuja on Friday stated that the CPI, which measured inflation, was 0.5 per cent points higher from the points recorded in July.

The report noted that increases were recorded in all Classification of Individual Consumption by Purpose divisions, which contributed to the headline index reflecting higher prices across the board.

“The major divisions responsible for accelerating the pace of the increase in the headline index were Housing, Water, Electricity, Gas and Other Fuel, Education and Transportation Services.

“The Food Index rose by 16.4 per cent (year-on-year) in August, up by 0.6 per cent points from 15.8 per cent recorded in July.

“During the month, all the major food groups contributed to the increase in the Food sub-index.

“However, the pace of increase was slowed by Fruits, Potatoes, Yam and other Tubers as well as Oils and Fats, which reported slower increases during the month,’’ it stated.

The report also stated that imported foods as reflected by the Imported Food Sub-index, increased by 0.2 per cent points from July to 20.7 per cent in August.

“Price movements recorded by the All Items less farm produce or Core sub-index increased by 17.2 per cent (year-on-year) in August, and up by 0.3 percentage points from rates recorded in July (16.9 per cent).

“During the month, the highest increases were seen in Solid fuels, Vehicles parts Books and Stationery and Clothing and other articles of clothing.’’

On a month-on-month basis, the report stated that the headline index rose by 1.0 per cent in August, marginally lower than the 1.3 per cent recorded in July.

“This is the third consecutive month of a slower pace of increase in the Headline Index,’’ it stated.

In addition, the report stated that Urban and Rural prices continued to rise in the month of August.

“The Urban index increased by 19.3 per cent (year-on-year) in August from 18.9 per cent recorded in July, while the Rural index increased by 16.1 per cent in August from 15.5 per cent in July,’’ it added.

Comments

Houthis Claim Attack on Central Israel in Response to Gaza ‘Massacres’

The ongoing conflict between Israel and Hamas has taken a concerning regional turn as the Houthi rebels in Yemen claimed responsibility for an attack on central Israel. The group announced this as part of their escalating response to what they describe as "massacres" in Gaza amid the Israeli military’s operations in the strip. Details of the Attack The Houthis, a Shiite militant group with ties to Iran, declared that they launched missile and drone strikes targeting Israel. While the exact impact of these attacks remains unclear, reports suggest that Israel’s defense systems intercepted several threats over its airspace. This marks a significant escalation as the Houthis widen their involvement in the conflict beyond their typical operations within Yemen and neighboring Saudi Arabia. The Houthis’ Justification In their statement, the Houthis framed the attack as retaliation for Israel’s military actions in Gaza, which they characterized as indiscriminate bombings resultin...

Fire: UniJos Senate convenes emergency meeting on Monday

Fire at the University of Jos Library University of Jos is to convene an emergency senate meeting on Monday to review the level of damage done to the institution by the Saturday night inferno. The Vice Chancellor, Prof. Sebastian Maimako, disclosed this on Sunday after inspecting areas affected by the incident. The fire, which lasted for more than six hours, destroyed the Library Complex that equally houses the faculties of management and social sciences. The fire also destroyed examination scripts, books and very crucial materials. Consequently, the vice-chancellor said “the Senate will meet tomorrow (Monday) to take a decision about the unmarked examination scripts that were burnt.” On the cause of the inferno, Maimako said investigation had commenced, adding that “nothing has been confirmed yet. We are still investigating.” The vice chancellor said the school was already working with federal authorities toward establishing a main fire station since the mini fire station in t...

NDLEA arrests 252 suspects, seizes 3,073 kg Indian hemp

NDLEA operatives The NDLEA in Niger on Monday said that it had arrested 252 suspects and seized 3,073.9 kilogramme of Indian hemp(cannabis sativa) in the state. The NDLEA Commander in the state, Mr Joseph Iweajunwa, who disclosed this in Minna, said that the operations were carried out between January and September. “Our operations in Niger State from January to September 2016 led to the arrest of 252 suspects and seizure of 3,073.997 kilogramme of cannabis sativa,’’ he said. Iweajunwa said that within the period, the agency also seized 1, 530 litres of liquid drugs, especially cough syrup with codeine. He said the NDLEA also counselled and rehabilitated 90 drug addicts in the state within the period under review. The agency, he added, secured convictions of only nine of the suspects because the judge at the Federal High Court, Minna, went on leave. “ Now that the judge has resumed more suspects will be tried,’’ he said. He advised motorists, especially commercial vehicle dri...

Global Naija Info

Search This Blog