BREAKING: Nigeria’s annual inflation rate rises to 33.95%

Nigeria’s annual inflation rate climbed to 33.95 per cent in May 2024, up from 33.69 per cent recorded in April, according to the National Bureau of Statistics (NBS). This increase marks a rise of 0.26 percentage points month-on-month. Compared to May 2023, when the inflation rate stood at 22.41 per cent, the current figure reflects a significant year-on-year increase of 11.54 percentage points, illustrating a sharp uptick in inflationary pressures over the past year. On a month-on-month basis, the NBS reported that inflation for May 2024 was 2.14 per cent, slightly lower than the 2.29 per cent recorded in April 2024. This indicates a moderated pace of increase in the average price level compared to the previous month. In terms of food prices, the inflation rate accelerated to 40.66 per cent year-on-year in May 2024, marking an increase of 15.84 percentage points from May 2023, when it was 24.82 per cent. The sharp rise in food inflation highlights continued challenges in food affordability and accessibility across Nigeria.

Nigeria’s Inflation Rate Hits 33.20% As Naira Rebounds 

Nigeria’s inflation rate jumped to 33.20% in March 2024 compared to February 2024 headline inflation rate which was 31.70%. This was according to the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) report released on Monday. “Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate,” said the NBS. “On a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. “On a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%). This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.” The inflation report by the NBS followed the hike of Nigeria’s interest rate from 22.75% to 24.75% by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). Interestingly, the March inflation rate was released at a time when measures by the apex bank to strenghten the naira against foreign exchange have seen some positive results. The naira has appreciated against the dollar in recent weeks, gaining over 40%, from about N1,900/$ to about N1,100/$1 now. As the naira rebounds, Nigerians expect significant reduction in the prices of food and basic commodities but this hasn’t been the case with cost of living still high.

Nigeria records 1,580 human rights violations in March alone – NHRC

The National Human Rights Commission (NHRC) Friday revealed that the country recorded 1,580 human rights violations in the six geopolitical zones in the March alone. The rights violations included killings , kidnapping, domestic violence , abductions, and children’s rights, among others. According to the Commission, North Central topped the list of the complaints of human rights violations recorded with 468 cases. The senior human rights advicer, Mr Hilary Ogbona, made this known at the National Human Rights Commission headquarters in Abuja. At the presentation of the findings attended by the Executive Secretary of the Human Rights Commission and Senior Advocate of Nigeria SAN, Dr. Tony Ojukwu, Ogbona explained that the police, military, and Department of State Service DSS grouped as state actors recorded 94 rights violations cases. The human rights adviser who explained that the killings of the military and police personnel in Delta State formed part of the report revealed that 542 cases of violation of children’s rights were also recorded during the period. Besides, Ogbona explained that domestic violence, which he said was becoming too rampant in some parts of the country, had 471 cases recorded. He said that the non state actors and private actors have 32 and 36 respectively while 3 cases of violation of rights were recorded against disabled people. According to him, other sectors, including social economic and cultural rights, accounted for 157, while referred cases were put at 24. He said that killings and kidnapping accounted for 499, while another 71 violations of rights to life were also recorded by the commission during the period. Ogbonna said that the 1,580 human rights violations were the entire figures recorded in the 36 states offices of the commission and Abuja. Expressing worry over the increasing cases of human rights violation, Ogbonna said that about 301 school children were abducted in kaduna state alone while 40 people were killed in Benue state. He expressed dismay that rights to life were being violated in various ways and manner because four deaths were recorded in Nassarawa State during the sharing of palliative. He then called for restraint on both State and Private Actors, adding that reprisal attacks contributed to the recorded rights violations. Ogbona also appealed to police and military to always conduct their investigations in compliance with the rules of engagement and rule of laws as provided for in the national and international laws. Earlier in his welcome address, the Executive Secretary of the Commission Ojukwu reaffirmed the commitment of the commission to the promotion and protection of human rights in the country. He promised to partner with other stakeholders, including the government, in the bid to step up efforts to protect lives and properties and in ensuring downward size in the violations of human rights. The NHRC monthly dashboard aimed at making the human rights situation public is supported by the United Nations Development Program, the Office of the United Nations High Commission for human rights, and others.

Average Price Of 5kg Cooking Gas Stood At N4,189.96 In September – NBS

The National Bureau of Statistics (NBS) has said the average price of 5kg of cooking gas increased from N4,115.32 recorded in August 2023 to N4,189.96 in September 2023. This is contained in the Bureau’s “Cooking Gas Price Watch’’ for September 2023 released on Thursday in Abuja. The report said the September 2023 price represented a 1.81 per cent increase, compared to what was obtained in August 2023. However, the average price of 5kg of cooking gas decreased on a year-on-year basis by 6.36 per cent from N4,474.48 recorded in September 2022 to N4,189.96 in September 2023. On state profile analysis, the report showed that Kwara recorded the highest average price at N4,866.60 for 5kg cooking gas, followed by Benue at N4,789.26, and Adamawa at N4,785.71. It said on the other hand, Ondo State  recorded the lowest price at N3,364.62, followed by Ekiti and Edo at N3,450.06 and N3,626.17, respectively. Analysis by zone showed that the North-Central recorded the highest average retail price at N4,555.95, followed by the North-West at N4,394.40. “The South-East recorded the lowest average retail price at N3,809.22,” the NBS said. Also, the NBS said the average retail price for refilling a 12.5kg cooking gas increased by 0.58 per cent on a month-on-month basis from N9,194.41 in August 2023 to N9,247.40 in September 2023. However, the report said average retail price for 12.5kg cooking gas fell by 6.65 per cent on a month-on-month basis, from N9,906.44 recorded in September 2022 to N9,247.40 in September 2023. State profile analysis showed that Cross River recorded the highest average retail price of N10,203.13 for 12.5kg cooking gas, followed by Ogun at N9,967.11 and Nasarawa State at N9,950.15 On the other hand, the report showed that the lowest average price for 12.5kg of cooking gas was recorded in Adamawa at N7,604.29, followed by Borno and Gombe State N8,113.69 and N8,188.75, respectively. Analysis by zone showed that the South-South recorded the highest average retail price for refilling a 12.5kg cooking gas at N9,613.55, followed by the South-East at N9,393.69. The report said the North-East recorded the lowest price at N8,683.62. Similarly, the average retail price per litre of kerosene rose to NN1,299.03 in September 2023 on a month-on-month basis, showing an increase of 2.09 per cent, compared to N1,272.40 recorded in August 2023. According to its National Kerosene Price Watch for September 2023, on a year-on-year basis, the average retail price per litre of kerosene rose by 37.13 per cent from N947.30 in September 2022. On state profile analysis, the report showed that Adamawa recorded the highest average price at N1,746.05 per litre of kerosene in September 2023, followed by Cross-River at N1,541.67 and FCT-Abuja at N1,492.50. “On the other hand, the lowest price was recorded in Jigawa at N1,104.78, followed by Enugu State at N1,134.52 and Kano State at N1,142.27.” The NBS said the analysis further showed that the North-East recorded the highest average retail price per litre of Kerosene at N1,390.67, followed by the South-East at N1,368.49. It said the North-West recorded the lowest average retail price per litre of kerosene at N1,190.81. The report said the average retail price per gallon of Kerosene paid by consumers in September 2023 was N4,379.31, indicating a 0.64 per cent increase from N4,351.53 recorded in August 2023. “On a year-on-year basis, the average price per gallon of kerosene increased by 35.32 per cent from N3,236.27 recorded in September 2022. On state profile analysis, it showed that Lagos State recorded the highest average retail price at N5,350.00 per gallon of kerosene, followed by Katsina State at N5,000.00 and Borno at N4,997.47. On the other hand, the report said Delta recorded the lowest price at N2,956.18, followed by Rivers and Oyo at N3,296.02 and N3,712.50, respectively. Analysis by zone showed that the North-East recorded the highest average price per gallon of Kerosene at N4,712.01, followed by the South-East at N4,646.63. The report said the South-South recorded the lowest average price per gallon of Kerosene at N3,769.59.