Food Inflation Rises To 24% As Festive Season Sets In

Nigerians will mark Christmas and New Year celebrations with hike in good prices as inflation rose to 24.13 per cent in November.

According to the National Bureau of Statistics (NBS), the food inflation rate in November was 6.92 per cent higher compared to the rate recorded in November 2021 (17.21 per cent).

NBS said the rise in food inflation was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, food products and fish.

It added that headline inflation rate also rose to 21.47 per cent.

“This was 6.07% points higher compared to the rate recorded in November 2021, which was 15.40%. This means that in the month of November 2022, the general price level was 6.07% higher relative to November 2021.”

“On a month-on-month basis, the headline inflation rate in November 2022 was 1.39%, this was 0.15% higher than the rate recorded in October 2022 (1.24%). This means that in the month of November 2022, the general price level was 0.15 percent higher relative to October 2022.”

It said the increase in the monthly inflation rate can be attributed to the sharp increase in demand usually experience during the festive season.

“Increase in cost of importation due to the persistent currency depreciation. General increase in the cost of production, increase in energy cost.”

It states that the ‘’All items less farm produce’’ or core inflation, which excludes the prices of volatile agricultural produce stood at 18.24 percent in November 2022 on a year-on-year basis, a 4.39 percent when compared to 13.85 percent recorded in November 2021.

“On a month-on-month basis, the core inflation rate was 1.67 percent in November 2022. It stood at 0.93 percent in October 2022, up by 0.74 per cent.

“The highest increases were recorded in prices of gas, liquid fuel, passenger transport by air, vehicles spare parts and solid fuel.”

Comments

KwaraPoly students embarks on campaign to celebrate Rector

Students of Kwara State Polytechnic, Department of Mass Communication has embarked on a 3-days Advertising Campaign to celebrate the Rector, Engr. Jimoh Muhammad Abdul for his kind gesture towards the Department and her students. ADVERT: Education has become way with KwaraPoly ODFEL The students in the early hours of Saturday morning went on different social media platforms; Twitter, Instagram, Facebook and WhatsApp with the hashtag “More than just a Rector”. Some of the post has inscriptions such as “a leader with an excellent administrative skills. Your contributions to the department of mass communication are wholesomely perceived” Also includes “an achiever who is very keen on intellectual and infrastructural development of the Department of Mass Communication”, Further include “You are a simple and definite simplifier, you have tremendously simplified studying mass communication in Kwara State Polytechnic “. ADVERT: Lola’s Hair Palace, we provide the best ...

Amb. Olufadi Bags NANS Kwara ‘Icon Of Hope’ Leadership Award

Ambassador Olufadi Balarabe Ayuba, a distinguished lecturer in the Department of Mass Communication at Kwara State Polytechnic, Ilorin, has been honored with the "Icon of hope Leadership Award" by the National Association of Nigerian Students (NANS), Kwara State Chapter. The prestigious award recognizes Olufadi's exceptional contributions to leadership, academic excellence, and his unwavering commitment to students constituency, youth development and mentorship in the state. Presenting the award on Monday December 2, NANS Kwara Delegates Comrade Sulyman Muhammed Solihu and Comrade Owolabi Barakat described Olufadi as a beacon of hope and a role model for students and young leaders. In his acceptance speech, Olufadi expressed gratitude for the recognition, dedicating the award to his students and colleagues. He thanked the organizers for recognizing his efforts. Olufadi also commended the Polytechnic Management, led by the Project Rector, Dr. Abdul...

KwaraPoly NAYLL appoints new executives, Lekan Tajudeen emerges President

The New African Youth Leadership League , Kwara State Polytechnic Chapter, has appointed new executives for the 2022/2023 academic session where a student of Higher National Diploma, Mass Communication, Lekan Tajudeen emerges the president of the Association. ADVERT : Al-Iman Thrift wear, the best wear you can trust Among the appointed executives are; Shukurat Ibrahim as the Secretary General, AbdulRahman Hassan as the Publicity Secretary, Sherifat Oladipo as Welfare Directress, Sunday Adebanji as Treasurer and Shamsudeen Busari as Financial Secretary. Others includes; Ajoyo Balikis as Assistant Secretary General, Alabede Helen as Vice President Umar Kehinde as publicity manager and Azeez Ganiyat Assistant Public Relation Officer In his address, the founder and Pioneer President of NAYLL, Comrade David Ogunleye, at the handling over of the association on Thursday at the Kwara State Polytechnic Theatre Hall, said the association is created with the aim of promoting an...

Search This Blog