The Nation Newspaper

Tag: CPI

  • CPI to hold Energy Finance Forum

    Financial sector CEOs and energy sector CFOs will be meeting minds at the seventh annual Energy Finance Forum 2019 (EFF-VII), organised by a leading industry think-tank, Centre for Petroleum Information (CPI).

    The all-day event to hold Friday, has its theme as “Financing gas and power: Deploying strategies that work.”

    Executive Director of the centre Victor Eromosele said: “With many deals in the gas and power sectors under discussion the timing could not be better Also, this year is unique because we have a rare combination of very senior executives from across sectors who are fine communicators and well-grounded in their subject. Delegates should find the event provides excellent networking opportunity.”

    He said confirmed speakers include Kayode Akinkugbe, CEO of FBNQuest Merchant Bank, Wale Shonibare, senior country director of African Development Bank, Anthonia Okoh, director project and export finance, Africa, Standard Chartered Bank, Dr Weib Boer, CEO, Al On and Dapo Okubadejo, Africa Lead, deals and advisory, KPMG Nigeria, among others. Nigerian National Petroleum Corporation and Nigeria LNG Limited would be well represented at the event.

    Sessions would be chaired by President of the Chartered Institute of Bankers of Nigeria (CIBN) Dr Uche Olowu, and Partner of Aelex, Soji Awogbade.

    Chairman of CPI Board of Governors Chief Chambers Oyibo will be the chief host.

     

  • Nigeria’s inflation drops to 15.37% in December 2017 – NBS

    Nigeria’s inflation drops to 15.37% in December 2017 – NBS

    The National Bureau of Statistics ( NBS ) says inflation rate, measured by the Consumer Price Index (CPI), has further dropped to 15.37  per cent in December 2017 from 15.90 per cent recorded in November of the same year.

    The NBS disclosed this in its CPI report for December 2017 released on Tuesday in Abuja.

    The CPI, which measured inflation, ended the 2017 with a rate of 15.37 per cent (year-on-year) in December 2017.

    According to the bureau, this is 0.53 per cent points lower than the rate recorded in November.

    The report stated that it became 11th consecutive disinflation (slowdown in the inflation rate though still positive) in headline year -on- year inflation since January 2017.

    According to the report, increases have been recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.

    On a month-on-month basis, the bureau stated that the Headline Index increased by 0.59 per cent in December 2017, 0.19 per cent points higher from the rate of 0.78 per cent recorded in November.

    Read also: Inflation rate down 10 times in a row, says NBS

    It stated that the percentage changed in the average composite CPI for the 12 months period ending in December 2017 over the average of the CPI for the previous 12 months period.

    The NBS stated that the percentage of average composite CPI was 16.50 per cent in the month, showing 0.26 per cent points lower from 16.76 per cent recorded in November 2017.

    Meanwhile, the report stated that the Urban Inflation Rate rose by 15.78 per cent (year-on-year) in December from 16.27 per cent recorded in November.

    It, however, stated that the rural inflation rate also eased by 15.02 per cent in December from 15.59 per cent in November.

    On month-on-month basis, the report stated that the urban index rose by 0.66 per cent in December, down by 0.19 from 0.85 per cent recorded in November.

    It also stated that the rural index rose by 0.54 per cent in December, down by 0.18 per cent when compared with 0.72 per cent in November.

    According to the report, the corresponding 12 months year-on-year average percentage change for the urban index is 16.92 per cent in December.

    This, it stated, was less than 17.26 per cent reported in November 2017, while the corresponding rural inflation rate in December is 16.10 per cent compared to 16.29 per cent recorded in November 2017.

    NAN

  • Inflation rate fell to 8.4% in June – Statistical bureau

    Inflation rate fell to 8.4% in June – Statistical bureau

    Nigeria’s inflation rate has decreased to 8.4 per cent in June from the 9.0 per cent reported in May, the National Bureau of Statistics (NBS) has said.

    This is contained in a statement issued in Abuja on Wednesday by, the Statistician-General of the Federation, Dr. Yemi Kale.

    “Nigeria’s Composite Price Index (CPI), which measures the average change in price level decreased to 8.4 per cent in June.

    “This is 0.6 percentage points lower than the 9.0 per cent rate recorded in May,” the News Agency of Nigeria quoted the bureau as saying in the statement.

    It stated that the decline in the headline index, when compared with the price level of the preceding month, could primarily be attributable to the slower rise in all Classification of Individual Consumption (COICOP).

    However, it stated that the slower rise contrasted with changes in the food and non-alcoholic beverages class prices, which increased at a faster rate, compared to May, as the country was deep into the planting season.

    This, the bureau reported, caused food supplies to continue to be tight as inventories declined, creating upward pressure on prices.

    It stated that on a month-on basis, increases in price levels in the headline index moved roughly at the same pace in June.

    The CPI was recorded at 145.5 points in the month under review, revealing an 8.4 per cent year-on-year change.

  • Experts predict improved consumer price index

    Experts predict improved consumer price index

    The Consumer Price Index(CPI) will improve this year if the government reviews its macroeconomic policies, experts have said.

    According to the experts, the CPI fluctuated last year because of the government‘s misplaced priorities.

    CPI measures average changes in the prices of goods and services consumed by people daily. It is a major determinant of the rate of inflation. Usually, when the CPI is high, it has a corresponding effect on the rate of inflation.

    The experts said the CPI of 11.3 per cent and 11.7 per cent in August and September last year, as provided by the National Bureau of Statistics (NBS), can be improved once the government provides a stable and favourable interest rate regime, and enhance productivity.

    Former Institute of Chartered Accountants of Nigeria (ICAN) President Mr Emmanuel Ijewere said the economy was not productive last year because of huge interest rates occasioned by the fixing of Monetary Policy Rate (MPR) at 12 per cent. This, he said, affected productivity, resulting in constant variations in the prices of goods and services.

    He said: “The huge interest rates have crowded out the private sector operators, resulting in low productivity. Once this happens, it would be difficult to moderate the prices of goods and services in the country. The banks can no longer advance credit to the critical sector of the economy. They are moving and concentrating on fixed-income instruments such as Treasury Bills.“

    Ijewere advised the government to improve agriculture and food price index in particular. Noting that the food price index is a subset of consumer price index, he explained that the two can go together.

    “Agriculture is now being put forward as the major driver of employment in the country. The government must not relax if it wants to achieve food sufficiency, stabilises the prices of foodstuffs, and foster economy growth.

    Former Director of Budget and Research, Central Bank of Nigeria (CBN) Mr Titus Okunronmu, said CPI would improve when the government provides friendly and growth enhanced policies.

    He said the government has focused more in checking inflationary rates to the detriment of productive sectors such as manufacturing and agriculture.

    Mr Okunronmu said there should be a price control mechanisms in Nigeria, arguing that this would check the surge in the price of commodities. He said the government can provide stable inflationary rates, consumer price index, among other economy barometers, once there are no infrastructural challenges.

  • GDP grows by 6.48% as inflation rate hits 11.7%

    GDP grows by 6.48% as inflation rate hits 11.7%

    Nigeria’s Gross Domestic Product’s (GDP’s) growth rate when measured on aggregate basis, grew by 6.48 percent in the third quarter of 2012, as against the 7.37 percent recorded in the corresponding period of 2011, it was learnt yesterday.

    Against government’s efforts to keep inflation rate at a single digit, the Composite Price Index (CPI) for October rose to 11.7, compared with the 11.3 per cent rate in the preceding month.

    In a statement signed by nation’s Statistician-General, Dr. Yemi Kale, the National Bureau of Statistics (NBS) said the new GDP and inflation growth rate trend, which were among the major economic highlights, showed that in the quarter under review, the oil sector outperformed the non-oil sector in GDP outputs for the first time in the last four quarters.

    The NBS report indicated that the nominal GDP for the third quarter of 2012 was estimated at N10, 967,272.89 million as against N9, 856,176.33 million during the corresponding quarter of 2011.

    It added that the overall performance of the economy in GDP output from both oil and non-oil sector recorded slower growth rate as a result of declines in non-oil sector growth, which was driven by growth in activities recorded in the building and construction, cement, hotel and restaurant, and electricity sectors.

    According to the Bureau, the average daily crude oil production stood at 2.52 million (mbpd) in the third quarter of this year, as against 2.38 mbpd in the corresponding quarter of 2011based on data received from the Nigerian National Petroleum Corporation (NNPC).

    These figures indicated that the sector grew in real terms by 0.08 per cent in oil GDP compared with the -0.26 per cent for the same quarter last year.

    Despite its ebbing growth rate, the statistical agency noted that the non-oil sector is still a major driver of the economy, as it recorded 7.55 per cent growth in real terms in the quarter under review compared with 8.76 per cent growth rate it recorded in the corresponding period of 2011.

    The decline, according to NBS, was largely attributed to declines in output in the Agriculture, Telecommunications, Wholesale and Retail trade and Real Estate sectors.