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Inflation Hits 11.28% In November, Says NBS |The Republican News

Inflation notches up to 11.28% in November, says NBS

“The urban inflation rate increased by 11.61 percent (year-on-year) in November 2018 from 11.64 percent recorded in October 2018…”

Isaac Anumihe, Abuja

National Bureau of Statistics (NBS) has said that inflation rate in November has moved up to 11.28 percent, 0.02 percent points higher than the 11.26 percent rate recorded in October 2018.

Recall that the inflation rate dropped to 11.26 percent in October from 11.28 percent in September because food prices had a negative inflation between September and October 2018.

But in a statement, at the weekend in Abuja, NBS said that in November, increases were recorded in all classifications of individual consumption according to Purpose (COICOP) divisions that yielded the headline index.

“As regards month-on-month basis, the headline index increased by 0.80 percent in November 2018, up by 0.006 percent points from the rate recorded in October 2018 (0.74) percent. The percentage change in the average composite Consumer Price Index (CPI) for the 12 months period that ended in November 2018 over the average of the CPI for the previous 12 months period was 12.41 percent, showing 0.37 percent point decline from 12.78 percent recorded in October 2018.

“The urban inflation rate increased by 11.61 percent (year-on-year) in November 2018 from 11.64 percent recorded in October 2018, while the rural inflation rate increased by 10.99 percent in November 2018 from 10.93 percent in October 2018. On a month-on-month basis, the urban index rose by 0.83 percent in November 2018, up by 0.07 from 0.76 percent recorded in October 2018, while the rural index also rose by 0.78 percent in November 2018, down by 0.06 percent from the rate recorded in October 2018 (0.72 per cent). The corresponding 12-month year-on-year average percentage change for the urban index was 12.83 percent in November 2018. This is less than 13.21 percent reported in October 2018, while the corresponding rural inflation rate in November 2018 was 12.05 percent compared to 12.42 percent recorded in October 2018,” NBS said.

The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.    (The Sun)

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2.1 Million Nigerians Lost Their Jobs In 2016, Says NBS |The Republican News

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Statistician-General of the Federation and Chief Executive Officer National Bureau of Statistics, Dr.Yemi Kale

Ifeanyi Onuba, Abuja

The National Bureau of Statistics has said that the number of Nigerians who became unemployed rose by 2.1 million to 11.55 million at the end of 2016 from 9.48 million at the beginning of the year.

The NBS stated this in its unemployment report, which was released on Monday night.

The NBS report stated that the unemployment rate was highest for persons in the labour force between the ages of 15-24 and 25-34, which represents the youth population in Nigeria.

For instance, it stated that the unemployment rate was highest for those within the age bracket of 15 to 24, rising from 25 per cent to 25.2 per cent.

For the 25 to 34 age group, the unemployment rate, according to the report increased from 15 per cent to 15.4 per cent.

It noted that unemployment and underemployment were higher for women than men in the fourth quarter of 2016.

For instance, 16.3 percent of women in the labour force were unemployed as of the end of the fourth quarter of 2016, according to the report.

On the other hand, it added that 12. 3 per cent of males were unemployed in the fourth quarter of last year.

The report stated, “The economically active population increased from 108.03 million to 108.59 million; this represents a 0.5 percent increase over the previous quarter and a 3.4 percent increase when compared to fourth quarter 2015.

“In the fourth quarter of 2016, the labour force population increased to 81.15 million from 80.67 million in the third quarter of 2016, representing an increase of 0.6 percent in the labour force during the quarter.

“This means about 482,689 persons from the economically active population entered the labour force during the quarter, that is individuals that were able, willing and actively looking for work.”      (Punchngcom)

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Inflation Rate Drops For The First Time In 15 Months |The Republican News

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Ifeanyi Onuba, Abuja

The National Bureau of Statistics on Tuesday released the Consumer Price Index, which measures inflation rate, with the index dropping year-on-year from 18.72 per cent in January to 17.78 per cent in February.

Apart from the inflation report, the NBS also released four others. They are the cooking gas price watch, Premium Motor Spirit (petrol) price watch, kerosene price watch and the diesel price watch.

The drop by 0.94 percentage points in inflation is a relief to consumers as this is the first time in 15 months that the country will witness a reduction in the price index.

The report attributed the drop in the inflation rate to slow increases recorded in food prices and other divisions.

For instance, the bureau stated that while housing, electricity, gas and other fuels, education and alcoholic beverages, clothing and transportation services recorded accelerated price increases, soft drinks, coffee and cocoa moderated during the period.

The report read in part, “On a headline basis, the Consumer Price Index, which measures inflation, increased by 17.78 per cent (year-on-year) albeit at a slower pace in February 2017, 0.94 per cent points lower from the rate recorded in January (18.72) per  cent.

“This represents the first time in 15 months that the headline CPI has declined on year-on-year basis, representing the effects of slower rises in already high food and non-food prices and favourable base effects over 2016 prices.

“The major divisions responsible for accelerating the pace of the increase in the headline index were housing, electricity, gas and other fuels, education and alcoholic beverage, clothing and transportation service.”

On a month-on-month basis, the NBS report stated that the headline index increased by 1.49 per cent in February, 0.48 percentage points higher from the rate of 1.01 recorded in January.

The report stated that the urban index rose by 18.57 per cent year-on-year in February from 20.31 per cent recorded in January, while the rural index increased by 16.98 per cent from 17.34 per cent in January.

On month-on-month basis, the report explained that the urban index rose by 1.52 per cent in February from 1.03 per cent recorded in January, while the rural index rose by 1.47 per cent in February from one per cent in the previous month.

In the cooking gas price watch report, the bureau said the average price for the refilling of a 5kg cylinder increased by 5.48 per cent month-on-month and 45.59 per cent year-on-year to N2,708.38 in February 2017 from N2,567.56 in January 2017.

It said the states with the highest average price for the refilling of a 5kg cylinder of cooking gas were  Edo (N3,030), Abia, Akwa Ibom, Bayelsa, Cross River, Zamfara, Rivers and Kebbi (N3,000), and Delta (N2,984.62).

In the PMS report, the bureau stated that the average price paid by consumers for petrol increased by 50.1 per cent year-on-year and 0.7 per cent month-on-month to N149.8 per litre in February  from N148.7 in January.

For diesel, the report stated that the average price paid by consumers for the product increased by 3.68 per cent month-on-month and 68.74 per cent year-on-year to N249.38 in February from N240.52 the previous month.

In terms of kerosene, the NBS said the average price of the product paid by consumers increased by 31.34 per cent year-on-year to N352.42 per litre in February from N433.84 in January.                   (Punchng.com)

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FG Spends N2.5 Trillion On Petroleum Products Import |The Republican News

From Basil Obasi, Abuja

The latest report by the National Bureau of Statistics (NBS) on petroleum importation released last weekend indicates that the total value of imported petroleum products for 2016 stood at N2.58 trillion.

The report revealed that products imports into the country gulped N790.4 billion in the fourth quarter of the year 2016 while a total of 18.8 billion litres of premium motor spirits (PMS) were imported during the year.

According to the report, the premium motor spirits (PMS) or fuel recorded the highest volume of 18.8 billion litres, valued at N2.01 trillion, while 4.89 billion litres of automotive gas oil (AGO) valued at N505.8 billion were imported. In addition to total of 713.79 million litres of household kerosene (HHK), valued at N70.7 billion were also imported into the country last year.  

A further breakdown of the report for the last quarter indicated 4.83 billion litres of PMS; 1.00 million litres of AGO and 182.9 million litres of HHK, valued at N629.6 billion; N136.1 billion and N24.7 billion respectively were imported into the country.

According to the Petroleum Products Imports Statistics for 4th quarter 2016, released by the statistical agency, the month of May 2016 recorded the highest volumes of premium motor spirits (PMS) imported at 2.02 billion litres valued at N249.88 billion. 

The report also showed that state-wide distribution of truck-out volume for Q4, 2016 saw 4.83 billion litres of premium motor spirits (PMS), 1.00 billion litres of automotive gas oil (AGO) and 182.95 million litres of household kerosene distributed nationwide during the period under review.

The average monthly landing cost of petrol in October N132.6 per litre; N121.7 per litre in November and N136.71 per litre in December with 1.43 billion litres;  1.65 billion litres and 1.74 billion litres respectively were imported in Q4.  (The Sun)

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