Inflationary pressure which abated in October appeared to have resurfaced, going by the latest reports from the National Bureau of Statistics, NBS.
In the report released, yesterday, the Consumer Price Index, CPI, which measures inflation, inched higher in last month with the headline index increasing by 9.4 per cent year-on-year, against 9.3 per cent recorded in October.
According to NBS, the index was driven in part by higher prices within the food and non-alcoholic beverages division of the index as well as increases in the transportation division as a result of shortages in Premium Motor Sprit, PMS, popularly known as petrol, coupled with the spill-over effect impacting transportation of people and goods across the country.
“Food prices as measured by the food sub-index also increased at higher pace in November,” the report stated.
Food sub-index increased to 10.3 per cent year-on-year during the month, while all major food groups which contribute to the food sub-index increased at a faster pace during the month with the exception of the fruits group which has been trending lower since June this year.
Increases in the “All Items less Farm Produce” or core sub-index rose at the same rate for the second consecutive month at 8.7 per cent, as rates have slowed or held steady for a quarter.
The core sub-index was moderated by slower increases in multiple divisions such as clothing and footwear; housing and water, electricity, gas and other fuels; and furnishings & household equipment, maintenance among others.
On a month-on-month basis, the Headline Index as well as the food and core sub-indices all increased at a faster pace in November.
Also, the urban index grew at the same pace as recorded in October; at 9.4 per cent year-on-year while the rural index edged higher to 9.3 per cent in November from 9.2 per cent in October. On a month-on-month basis, both the urban and rural indices increased at the same pace, both increasing at 0.7 per cent in November.
The percentage change in the average composite CPI for the 12-month period ending in November 2015 over the average of the CPI for the previous 12-month period was 8.9 per cent, marginally higher from 8.8 per cent recorded in October.
Food prices as observed by the food sub-index increased to the highest rate recorded this year. Prices increased by 10.3 per cent year-on-year in November, 0.2 percentage points higher than rates recorded in October. The index was pushed higher as a result of faster increases in the fish, bread and cereals; vegetable and meat groups.
Unemployment’ll reduce after passage of 2016 budget —Buhari
Meanwhile, President Mohammadu Buhari, yesterday, stated that the problem of youth unemployment bedevilling the country would become history after the passage of 2016 national budget
President Buhari spoke at a dinner he organised in honour of the visiting Alumni Association of the Indian Defence Services Staff College,DSSC, Wellingon, led by the Indian High Commissioner to Nigeria, Mr. Ghanashyam. The delegation included a number of retired Indian army generals who were course-mates of the President.
Lamenting that 60 per cent of the country’s youth population was unemployed, the President said: “We will sit down to see how we can rehabilitate industries. We will do this in order to clear the problem of unemployment. This is extremely dangerous for our country. We are meeting after the budget to see how to revive industry and secure the economy.”
The President also explained that the insecurity in the North-East, abduction for ransom in the South and the sabotage of the oil industry in the delta region have connection with poverty and unemployment.
“We are meeting after the budget to see how to revive industry and secure the economy,” he further assured.