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...
Nigeria's economy has reached a feverish level,as headline inflation hits 20.52 per cent in August, this year, the National Bureau of Statistics (NBS) revealed in its monthly reports recently.
Headline inflation is the raw figure reported through the Consumer Price Index( CPI) , that is released monthly by NBS. The CPI calculates the cost to purchase a fixed basket of goods to determine how much inflation is occurring in a broad economy.
The country has for some time, been experiencing a two-digit inflation figures, owing to the fact prices of commodities have reached astronomical level, without commensurate increase in production of goods and services.
This development, according to the National Bureau of Statistic (NBS) was fuelled by the disruption in the supply of food products, increase in import cost due to the persistent currency depreciation and general increase in the cost of production.
The headline inflation had a Year on Year (YoY) increase to 20.52% in August 2022 compared to the 19.64% YoY figure recorded in July 2022.
On the other hand, food and core inflation which excludes the prices of volatile agricultural produce YoY figure increased to 23.12% and 17.20% in August 2022 showing a 1.1% and 0.94% point rise when compared to 22.02% and 16.26% recorded in the previous month.
Month on Month (MoM), the rate of the inflation in Nigeria increased by 1.77% compared to the 1.82% recorded in the previous month due to decline in current month food index and relative stability in transportation cost.
On a month-on-month basis, the food inflation rate in July stood at 1.98%, this is 0.07% lower than 2.04% recorded in the previous month.
The rise in food inflation was caused by increases in prices of Bread and cereals, Food products, Potatoes, yam and other tubers, meat, fish, oil.
The core inflation rate was 1.59% in August 2022 MoM. This was down by 0.17% when compared to 1.75% recorded in July 2022.
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