Housing, electricity prices push inflation rate to 18.3% – NBS

The National Bureau of Statistics on Monday released the Consumer Price Index which measures inflation rate with the index rising from 17.9 per cent in September to 18.3 per cent in October.
The bureau in the report attributed the increase in inflation rate to pressures recorded in some sub-index such as housing, electricity, gas, water, lubricants for personal transport and education.
It explained that while the prices of food items such as bread, cereals, fish and meat also recorded significant increases, that of fruit items moderated during the period.

The report reads in part, “The CPI which measures inflation increased by 18.3 per cent (year-on-year) in October 2016, 0.48 percent points higher from the rate recorded in September.
“Increases were recorded across almost all major divisions which contribute to the headline index. Communication and restaurants and hotels recorded the slowest pace of growth in October, growing at 5.7 per cent and 9.4 per cent year-on-year respectively. 
“The food index rose by 17.1 per cent (year-on-year) in October, up by 0.47 per cent points from 16.6 per cent recorded in September. 
“During the month, the highest increases were seen in housing, water, electricity, gas and other fuels as well as fuels and lubricants for personal transport equipment and education. 
The report stated further that the least growth pace recorded in October were experienced in Communication (5.7 per cent), restaurants and hotels (9.4 per cent) and recreation and culture (10.3 per cent). 
The NBS in the report noted that the urban index rose by 19.9 per cent (year-on-year) in October from 19.5 per cent recorded in September, while the rural index increased by 16.95 per cent in October from 16.4 per cent in September.

Comments

Post a Comment

Popular posts from this blog

Confusion As ‘Cross Of Jesus’ Is Sighted In Nasarawa Mosque

Image
Residents of Assakio Development Area in Lafia, Nasarawa State were thrown into confusion on Saturday following the sudden appearance of a strange cross five feet away from a central mosque in the community. The mysterious sighting attracted a mammoth crowd from Assakio and its environs with many praying for forgiveness and blessings. Our correspondent observed that the illuminated cross was projected on to the ground. A 15 year-old-girl, Hajara Hussaini, in an interview with SUNDAY PUNCH, said she first sighted the sign of a cross at about 8pm on Wednesday. Hussaini, who said she had been sent on an errand by her parents, explained that when she saw a strange light, she as gripped by fear and rushed back home to alert her mother, Matan Liman. Confirming the incident to journalists, Matan said she had sent her daughter to visit her grandmother. The middle-aged woman added that her daughter saw the crucifix while returning from the errand. The Chief Imam of Assakio
Read more

Tight security as Abia council polls hold today

Image
The Commissioner of Police in Abia State, Mr. Adeleye Oyebade, has said the State Police command will provide adequate security across the seventeen local government areas of the State to ensure a smooth conduct of the local government election today. He stated that the Nigerian constitution guarantees that there must be adequate security during elections at the local councils because the people at the grassroots were involved. Oyebade who spoke during a press conference with senior Police officers in Umuahia, the State Capital, pointed out that the command had mapped out its operational plans to secure the State during and after the election. He explained that leaders of various political parties in the State have been briefed regarding the conduct of their candidates and the electorate on the election day. He said, “Every credible election must be well planned, because proper planning prevents poor performance. So those of us that are stakeholders in the State h
Read more

Investors stranded as MMM reopens

Image
Mavrodi Mondial Moneybox, a Ponzi scheme known simply as MMM, on Friday opened for business after one month of break, but investors in the scheme have remained stranded as they still cannot access their funds. MMM had announced the resumption on its Twitter handle, saying it was “now open” even though it had initially promised to reopen today, Saturday, January 14. In the message, the scheme’s founder, Sergey Mavrodi, said because of the likely deluge of requests from participants, payments would be gradual and have limits. He also said it would prioritise payments to participants with small amounts, which were not specified, and that big investors would have to wait longer. “Please, be prepared to wait for a couple of days. We are certain things will then calm down, and the system operation will return to normal. “We’re the ones setting limits, so it’s completely under our control, and we are not expecting any emergencies in principle. Have no fear and go on
Read more