Queue at the filing station The President, Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
By Akinola Ajibade
Many Nigerians may experience a more riskier and harder economic times in the days ahead, if the recent report of the Nigerian Bureau of Statistics ( NBS) is anything to go by.
NBS released the report yesterday, Monday.
Already, the nation's economy is going through one of its worst moment as prices of consumables and non-consumables are increasing daily, leaving Nigerians with an option of skipping their meals.
However, the headline inflation rates released for the month of July 2022 by the Bureau may have compounded the issue as it stands at 19.64 per cent, the highest since 2005.
Based on this, Nigerians may find it difficult to afford to afford basic needs of life, especially foods, clothings and transportation.
In a statement signed by the Statistician-General of the Federation/ Chief Executive Officer , Mr Semiu Adeniran and made available to the media, the Bureau explained that the CPI measures the average change in the prices of goods and services consumed daily over time.
“It is a core macroeconomic indicator used in the derivation of the inflation rate for policy, planning, and monitoring of an economy.
“In July 2022, on a year–on–year basis, the headline inflation rate was 19.64 per cent. This is 2.27 per cent points higher compared to the rate recorded in July 2021, which was 17.38 per cent.
“This shows that the headline inflation rate increased in July 2022 when compared to the same month in the previous year of July 2021.
“This means that in July 2022, the general price level was 2.26 per cent higher than in July 2021,’’ the statement read.
He noted that the increase in inflation was caused by an increase in food index owing to the disruption in the supply of essential food merchandises as well as increase in the cost of transportation arising from higher cost of energy.
Adeniran added that the rising inflation is also attributable to increase in import costs as a result of currency depreciation, as well as a general increase in the cost of production.
“On a month-on-month basis, the headline inflation rate in July 2022 was 1.817 per cent, which was higher than the rate recorded in June 2022 at 1.816 per cent.
“The percentage change in the average CPI for the twelve months ending July 2022 over the average of the CPI for the previous twelve months period was 16.75 per cent. This is showing a 0.46 per cent increase compared to 16.30 per cent recorded in July 2021.’’
“The composite food index on a year-on-year basis was 22.02 per cent in July 2022, showing a rise compared to 21.03 per cent in July 2021.”
According to the NBS data, the rise in the food index was caused by increase in prices of bread and cereals, food products, potatoes, meat, fish, oil and fat, yam and other tubers,.
Comments
Post a Comment