By Mariam Sanni
National Bureau of Statistics, NBS, said headline inflation rate increased to 33.88 percent in October.
NBS disclosed this in its Consumer Price Index, CPI, and Inflation Report for October 2024, which was released in Abuja .
According to the report, the figure is 1.18 per cent point higher compared to the 32.70 percent recorded in September.
It said on a year-on-year basis, headline inflation rate in October was 6.55 percent higher than the rate recorded in October 2023 at 27.33 percent.
In addition, the report said on a month-on-month basis, headline inflation rate in October was 2.64 percent, which was 0.12 per cent higher than the rate recorded in September at 2.52 percent.
“This means that in October, the rate of increase in the average price level was higher than the rate of increase in the average price level in September.”
The report said the increase in the headline index for October on a year-on-year and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.
It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas and other fuels, clothing and footwear, transport and furnishings, household equipment and maintenance.
Others include education, health and miscellaneous goods and services, restaurants and hotels, alcoholic beverages, tobacco and kola, recreation and culture, and communication.
It said the percentage change in the average CPI for the 12 months ending October over the average CPI for the previous 12 months was 32.26 percent.
“This indicates an 8.82 percent increase compared to 23.44 percent recorded in October 2023.”
The report said food inflation rate in October increased to 39.16 percent on a year-on-year basis, which was 7.64 percent higher compared to the rate recorded in October 2023 at 31.52 percent.
“The rise in food inflation on a year-on-year basis is caused by increase in the prices of guinea corn, rice, maize grains, beans, yam, water yam and cocoyam.
“Others are palm oil, vegetable oil, lipton, milo and bournvita, among others.”
It said on a month-on-month basis, food inflation rate in October was 2.94 per cent, which was a 0.30 percent increase compared to the rate recorded in September at 2.64 percent.
The report said “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 28.37 per cent in October on a year-on-year basis.
“This increased by 5.79 percent compared to 22.58 percent recorded in October 2023.
“The exclusion of PMS is due to the deregulation of the commodity by the removal of subsidy.”
It said the highest increases were recorded in the price of bus journey within the city, journey by motorcycle and bus journey intercity among others.
On states’ profile analysis, the report showed that in October, all items’ inflation rate on a year-on-year basis was highest in Bauchi at 46.68 per cent, followed by Kebbi at 40.02 percent, and Sokoto at 39.65 percent.
It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Delta at 27.85 percent, followed by Benue at 28.22 percent, and Katsina at 29.59 percent.
The report, however, said in October, all items inflation rate on a month-on-month basis was highest in Kano at 3.77 percent, followed by Bauchi at 3.74 percent, and Anambra at 3.59 percent.
The report said on a year-on-year basis, food inflation was highest in Sokoto at 52.18 percent, followed by Edo at 46.55 percent, and Borno at 45.85 percent.
The report, however, said on a month-on-month basis, food inflation was highest in Adamawa at 5.08 percent, followed by Sokoto at 4.86 percent, and Yobe at 4.34 percent.
Corruption, Nigeria’s Greatest Insecurity – Archbishop Ndukuba
FROM RABILU ABUBAKAR, GOMBE
Primate of the Anglican Church of Nigeria, Most Reverend Henry Ndukuba has declared corruption as Nigeria’s greatest insecurity, emphasising that the country will not fully enjoy the prosperity that God has bestowed upon it until corruption is eradicated.
Archbishop Ndukuba made this assertion during an interview with journalists in Gombe on the occasion of the silver jubilee celebration of the Anglican Diocese of Gombe, where he served as the pioneer bishop.
He stressed that corruption undermines Nigeria’s development. “Until we kill corruption, Nigeria will not thrive. The people privileged to hold positions of power are looting the nation’s resources. Without justice, peace cannot be achieved.”
Commending the Gombe State government, traditional rulers and religious leaders for fostering unity, he noted that their collaborative efforts have maintained peace and created a conducive environment for legitimate business activities.
“Despite the insecurity in other parts of the country, Gombe State remains a place where one can sleep with both eyes closed,” Ndukuba remarked.
He also called on leaders at all levels, as well as citizens, to join hands in addressing security challenges. “Security is everyone’s business,” he said, adding that, “We must work together to maintain peace and harmony, while promoting factors that ensure peaceful coexistence and security in Nigeria.”
