Nigeria’s Food inflation exceeded 22 per cent in July, the first time since February last year driven by continuous increase in prices of Bread, yam, fish and others.
Furthermore, Kwara, Akwa Ibom and Kogi states recorded the highest food inflation during the month.
National Bureau of Statistics, NBS, disclosed this today in the Consumer Price Index report for July 2022.
According to the NBS, while the annual inflation rate rose to 19.64 per cent, the highest in 16 years since 2006, up from 18.6 per cent in June, the Food inflation rose to 22.02 per cent in July from 20.6 per cent in June.
The NBS report said: “CPI for July 2022 was 463.6 relative to 387.5 in July 2021. In July 2022, on a year –on- year basis, the headline inflation rate was 19.64%. This was 2.27% points higher compared to the rate recorded in July 2021, which was (17.38 %).
“This shows that the headline inflation rate increased in the month of July 2022 when compared to the same month in the previous year (i.e., July 2021). This means that in the month of July 2022 the general price level was 2.26% higher than in July 2021.
“On a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).
“The percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021.The increases were recorded in all COICOP divisions that yielded the Headline index.
“On a year-on-year basis, in the month of July 2022, the urban inflation rate was 20.09%, this was 2.08% higher compared to 18.01% recorded in July 2021. On a month-on-month basis, the urban inflation rate was 1.82% in July 2022, this was a 0.0002% decline compared to June 2022 (1.82%).
“The corresponding twelve-month average for the urban inflation rate was 17.29 % in July 2022. This was 0.40% higher compared to 16.89% reported in July 2021.
“The rural inflation rate in July 2022 was 19.22% on a year-on-year basis; this was 2.47% higher compared to the 16.75% recorded in July 2021. On a month-on-month basis, the rural inflation rate in July 2022 was 1.811%, up by 0.002% compared to June 2022 (1.809%).
“The corresponding twelve-month average for the rural inflation rate in July 2022 was 16.25%. This was 0.52% higher compared to 15.73% recorded in July 2021.
“The food inflation rate in July 2022 was 22.02 % on a year-on-year basis; which was 0.99% higher compared to the rate recorded in July 2021 (21.03%).
“This rise in food inflation was caused by increases in prices of Bread and cereals, Food products n.e.c, Potatoes, yam and other tubers, meat, fish, oil, and fat.On a month-on-month basis, the food inflation rate in July was 2.04%, this was a 0.01% insignificant decline compared to the rate recorded in June 2022 (2.05%).
“This decline is attributed to a reduction in the prices of some food items like Tubers, Maize, Garri, and Vegetables. The average annual rate of food inflation for the twelve-month period ending July 2022 over the previous twelve-month average was 18.75%, which was a 1.42% points decline from the average annual rate of change recorded in July 2021 (20.16%).
All Items Less Farm Produce
“The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 16.26% in July 2022 on a year-on-year basis; up by 2.54% when compared to 13.72% recorded in July 2021.
“On a month-on-month basis, the core inflation rate was 1.75% in July 2022. This was up by 0.20% when compared to 1.56% recorded in June 2022.
“The highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, Garments, Cleaning, Repair and Hire of clothing.The average 12-month annual inflation rate was 14.28% for the twelve-month period ending July 2022; this was 2.23% points higher than the 12.05% recorded in July 2021.
Akwa Ibom leads headline inflation
In July 2022, all items’ inflation rate on a year-on-year basis was highest in Akwa Ibom (22.88%), Ebonyi (22.51%), Kogi (22.08%), while Jigawa (16.62%), Kaduna (17.04%) and Borno (18.04%) recorded the slowest rise in headline Year-on-Year inflation. However, on a month-on-month basis, July 2022 recorded the highest increases in Adamawa (2.87%), Abuja (2.84%), Oyo (2.77%), while Bauchi (0.82%), Kano (0.83%) and Niger (1.03%) recorded the slowest rise on month-on-month inflation.
Kwara leads Foo Food Inflation In July 2022, food inflation on a year-on-year basis was highest in Kwara (29.28%), Akwa Ibom (27.22%), and Kogi (26.08%), while Kaduna (17.16%), Jigawa (17.46%) and Anambra (19.25%) recorded the slowest rise on year-on-year food inflation. On a month-on-month basis, July 2022 food inflation was highest in Kwara (3.90%), Delta (3.61%), and Benue (2.94%), while Taraba (0.14%), Gombe (0.94%), and Niger (1.13%) recorded the slowest rise on month-on-month inflation.
The News BeamHome News Business & EconomyWorsening Finances: FG, NPA struggle to recover $753m debt from 18 terminal operatorsAugust 15, 2022 Reading Time: 4 mins readA ABello-Koko Appointed As New NPA BossBello-Koko Appointed As New NPA Boss*Debt reflects factors behind FG’s rising fiscal deficit The Federal Government through the Nigeria Ports Authority, NPA, is struggling to recover $753 million and N1.61 billion owed by 18 terminal operators since 2019.The terminal operators inclue APM Terminal, Apapa, Intels Nigeria Limited, BUA Ports and Terminal Limited, Apapa Bulk Terminal and ENL Consortium. The $753 million and N1.61 billion owed by the firms, which translates to N325 billion at the official exchange rate of N430 per dollar, reflects why the federal government cannot generate enough revenue to finance its expenditure, and hence the over N4 deficit spending in the first four months of this year.The Managing Director of the Nigeria Port Authority, NPA, Mohammed Bello-Koko confirmed that the agency is finding it difficult to the funds.He spoke at a session with the Public Accounts Committee of the House of Representatives to probe the indebtedness of the 18 terminal operators, which was first revealed in a query issued by the Office of the Auditor General of the Federation to Nigerian Ports Authority, NPA on the various debts.It was highlighted in report ending December 31, 2019 submitted to the National Assembly.Specifically, the operators were doing business at Lagos port complex, Tin-Can Island port, Delta port, Rivers port Complex, Onne Port Complex and Calabar Port Complex.The Office of the Auditor General for the Federation, had, in the report on non-compliance/internal control weaknesses issues in ministries, departments and agencies of the federal government of Nigeria for year ended 31st December, 2019 said terminal operators were indebted to the government to the tune of 852.094 million dollars and N1,878,560,509.57.The query stated that “agreements signed between NPA and various Terminal Operators states that a fixed annual payment of a sum as specified in the schedule below to be paid in (12) equal instalments in each operating year, the first instalment to be paid on the first day of the month after the effective date and then, on the same date of every month thereafter.”A response to the query made available to the Public Accounts Committee of the House of Representatives stated the NPA management as confirming that the original debt owed the government by the port operators was $852,093,730.77 and N1,878,560,509.57.Of the amount, $753 million and N1,609,150,534.32 were yet to be paid by operators.According to the query, the terminal operators and their debt profile included APM Terminal, Apapa ($562.060 million), Apapa Bulk Terminal ($4,621.20), ENL Consortium ($957,020.77), Greenview Development ($20,750,443.65); Standard Flour Mills ($893.77); Intels Nigeria Limited, operators of Terminal A at the Delta Ports Complex ($2,429,382.80), Intels Nigeria Limited, operators of Terminal B of the Delta Ports Complex ($4,589,576.75), and Associated Maritime Services ($328,027.64) and Greenleigh Ports Nigeria Limited ($1,734,492.41).Others were BUA Ports and Terminal Limited ($12,254,424.55), Port and Terminal Operators Nigeria Limited ($107,311,506.46), Brawal Shipping Nigeria Limited ($226,541.72), Intels Nigeria Limited at Onne Port Complex ($430,404.81), Intels Nigeria Limited also at Onne Port ($670,954.72), Intels Nigeria Limited also at the Onne Port ($1,928,250.44), Shoreline Logistics ($1,181,023.57).However, 3 operators (Tin-can Container Terminal Limited with a debt of $4,043,004.90, Five Stars Logistics with a debt of $33,091,958.06, and Port and Cargo Handling Company with no debt) listed among the debtor were cancelled on the document alongside Port and Cargo Handling Limited and Joseph dam Port Services for reasons not stated.Similarly, 6 out of the 24 companies listed on the document (Port Terminal Multi Services Limited, Eko Support Services, Port and Cargo Handling Company, Joseph Dam Port Service Nigeria Limited, Julius Berger Services Nigeria Limited and Ecomarine Terminal) had no outstanding debt listed against them by the NPA.In his remarks, the chairman of the Committee, Hon Wole Oke pledged the intervention of the House to enforce payment, saying the debtor operators will be summoned before the Committee and their identities published in the national dailies.
- Naira depreciation: Nigeria to record highest inflation rate in 16yrs -Financial Derivatives Company
- Worsening Finances: FG, NPA struggle to recover $753m debt from 18 terminal operators
- EXCLUSIVE! 5 Locations for Quality Children’s Clothes at Good Price in Lagos
- I can get every man I set my eyes on – Lady Reveals