Tag: NBS

  • Inflation rises to 29.90% in January 2024

    Inflation rises to 29.90% in January 2024

    From 28.92% in December 2023, inflation rate rose to 29.90 in January 2024.

    National Bureau of Statistics (NBS) disclosed this in its document titled: “Consumer Price Index January 2023.”

    The data noted that “In January 2024, the headline inflation rate increased to 29.90% relative to the December 2023 headline inflation rate which was 28.92%.”

    NBS said looking at the movement, the January 2024 headline inflation rate showed an increase of 0.98% points when compared to the December 2023 headline inflation rate.

    According to the report, similarly, on a year-on-year basis, the headline inflation rate was 8.08% points higher compared to the rate recorded in January 2023, which was 21.82%. 

    This, said NBS, shows that the headline inflation rate (year-on-year basis) increased in January 2024 when compared to the same month in the preceding year (i.e., January 2023). 

    NBS further noted that on a month-on-month basis, the headline inflation rate in January 2024 was 2.64%, which was 0.35% higher than the rate recorded in December 2023 (2.29%). 

    It explained that this means 

    that in January 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in December 2023.

    Details shortly…

  • NBS: average healthy diet rose from N703 to N786

    NBS: average healthy diet rose from N703 to N786

    The National Bureau of Statistics (NBS) has said that the average cost of a healthy diet for a Nigerian adult increased from N703 in October to N786 in December 2023

    This was announced yesterday at the unveiling of “The Cost of a Healthy Diet (CoHD)” indicator report by the Statistician-General of the Federation, and Chief Executive Officer of the NBS, Adeyemi Adeniran.

    The CoHD is a method used to assess both the financial and physical accessibility of healthy diets. It indicates the least priced combination of locally accessible foods that satisfy internationally recognised food-based dietary guidelines.

    The indicator, according to Adeniran, was created in cooperation with the Federal Ministries of Budget and Economic Planning, Health and Social Welfare, and Agriculture and Food Security, as well as the Global Alliance for Improved Nutrition (GAIN).

    He said: “This is a lower bound (or floor) of the cost per adult per day excluding the cost of transportation and meal preparation.”

    “The data for this indicator is derived from the comprehensive food price data, a key component used in calculating the inflation rate.

    “This indicator will provide invaluable insights into the current state of nutrition and affordability across the nation.”

    He said in October 2023, the average CoHD was highest in the South-East at #918 per adult per day, compared to #605 per adult per day in the North-East, which was the lowest.

    At the state level, the report showed Anambra, Ebonyi, and Enugu recorded the highest cost at N950, N933, and N915, respectively.

    While the lowest total diet costs were recorded in Niger, Adamawa, and Bauchi at N544, N545, and N560, respectively.

    However, Adeniran said in November 2023, the report showed the National average Cost of a Healthy Diet was N742.

    “Also, the average CoHD was highest in the South-East at N920 per adult per day, compared to N616 per adult per day in the North-East, in November 2023.”

    At the state level, the report showed Anambra, Ogun, and Ebonyi, recorded the highest cost at N965, N939, and N937, respectively.

    Read Also: Tinubu to University unions: prioritise dialogue to avoid frequent strikes

    “While the lowest total diet costs were recorded in Bauchi, Adamawa, and Niger at ₦550, ₦562, and ₦572, respectively”, the report stated.

    Also, in December 2023, the National Average Cost of a Healthy Diet was ₦786 with the average CoHD recording the highest in the South-West at ₦979 per adult per day, compared to ₦663 per adult per day in the North-West.”

    At the state level, the report showed Ekiti, Osun, and Ondo recorded the highest cost at ₦1,052, ₦1,017, and ₦986, respectively.

    “While the lowest total diet costs were recorded in Katsina, Niger, and Adamawa at ₦594, ₦635, and ₦654, respectively.”

    According to Adeniran, the most costly food group recommendations to follow during the three months under review were animal food sources adding, “This was responsible for 38 percent of the overall CoHD in October, and November respectively, and 39 percent in December.”

    In terms of cost per calorie over the course of the three months, he said fruits and vegetables were the most expensive food group, while legumes, nuts, and seeds were the least expensive on average, accounting for six per cent of the total cost.

  • NBS: Average healthy diet rose from ₦703 in October to ₦786 in December 2023

    NBS: Average healthy diet rose from ₦703 in October to ₦786 in December 2023

    The National Bureau of Statistics has said that the average cost of a healthy diet for a Nigerian adult increased from ₦703 in October to ₦786 in December 2023

    This was announced on Thursday, February 1, at the unveiling of “The Cost of a Healthy Diet (CoHD)” indicator report by the Statistician-General of the Federation, and Chief Executive Officer of the NBS, Adeyemi Adeniran.

    The CoHD is a method used to assess both the financial and physical accessibility of healthy diets. It indicates the least-priced combination of locally accessible foods that satisfy internationally recognised food-based dietary guidelines.

    The indicator, according to Adeniran, was created in cooperation with the Federal Ministries of Budget and Economic Planning, Health and Social Welfare, and Agriculture and Food Security, as well as the Global Alliance for Improved Nutrition (GAIN).

    He said: “This is a lower bound (or floor) of the cost per adult per day excluding the cost of transportation and meal preparation.

    “The data for this indicator is derived from the comprehensive food price data, a key component used in calculating the inflation rate.

    “This indicator will provide invaluable insights into the current state of nutrition and affordability across the nation.”

    He said in October 2023, the average CoHD was highest in the South-East at ₦918 per adult per day, compared to ₦605 per adult per day in the North-East, which was the lowest.

    At the state level, the report showed Anambra, Ebonyi, and Enugu recorded the highest cost at ₦950, ₦933, and ₦915, respectively.

    Read Also: NBS: Unemployment rises to 4.2% in Q2 2023

    While the lowest total diet costs were recorded in Niger, Adamawa, and Bauchi at ₦544, ₦545, and ₦560, respectively.

    However, Adeniran, said in November 2023, the report showed the National average Cost of a Healthy Diet was ₦742.

    He added: “Also, the average CoHD was highest in the South-East at ₦920 per adult per day, compared to ₦616 per adult per day in the North-East, in November 2023.”

    At the state level, the report showed Anambra, Ogun, and Ebonyi, recorded the highest cost at ₦965, ₦939, and ₦937, respectively.

    “While the lowest total diet costs were recorded in Bauchi, Adamawa, and Niger at ₦550, ₦562, and ₦572, respectively”, the report stated.

    Also, in December 2023, the National Average Cost of a Healthy Diet was ₦786 with the average CoHD recording the highest in the South-West at ₦979 per adult per day, compared to ₦663 per adult per day in the North-West.”

    At the state level, the report showed Ekiti, Osun, and Ondo recorded the highest cost at ₦1,052, ₦1,017, and ₦986, respectively.

    “While the lowest total diet costs were recorded in Katsina, Niger, and Adamawa at ₦594, ₦635, and ₦654, respectively.”

    According to Adeniran, the most costly food group recommendations to follow during the three months under review were animal food sources adding, “This was responsible for 38 percent of the overall CoHD in October, and November respectively, and 39 percent in December.”

    In terms of cost per calorie over the course of the three months, he said fruits and vegetables were the most expensive food group, while legumes, nuts, and seeds were the least expensive on average, accounting for 6 percent of the total cost.

  • NBS: Unemployment rises to 4.2% in Q2 2023

    NBS: Unemployment rises to 4.2% in Q2 2023

    The National Bureau of Statistics (NBS) on Monday, January 29, said the unemployment rate rose by 0.1% to 4.2% in the second quarter of 2023 (Q2 2023).

    This was contained in its document tagged: “Nigeria Labour Force Survey Q2 2023,” Which said the rate rose from the 4.1% recorded in Q1 2023.

    “The unemployment rate in Q2 2023 was 4.2%, this is an increase of 0.1% from the figure recorded in Q1 2023 (4.1%),” said NBS.

    The document noted that the unemployment rate among persons with post-secondary education was 8% in Q2 2023.

    Read Also: NBS: Average price of 5kg cooking gas increases by 8.70% in one year

    NBS also noted that the unemployment rate among youth aged (15-24 years) in Q2 2023 was 7.2% having been at 6.9% in Q1 2023.

    According to the document, the unemployment rate in urban areas was 5.9% in Q2 2023, an increase from 5.4% in Q1 2023.

    NBS said time-related underemployment in Q2 2023 was 11.8%. 4.8% of the working-age population were in subsistence agriculture. Informal employment rate in Q2 2023, according to NBS, was 92.7%.

    The document noted that the percentage of youth Not in Employment, Education, or Training (NEET Rate) was 13.8%.

    NBS explained that the results presented in the survey are based on the resolutions concerning work, employment, and underutilisation statistics from the 19th International Conference of Labour Statisticians (ICLS 2013).

    It further noted that the labour force participation rate among the working-age population remained high at 80.4% in Q2 2023.

    NBS said: “The employment-to-population ratio was 77.1% in Q2 2023. The combined rate of unemployment and time-related underemployment as a share of the labour force population (LU2) was 15.5% in Q2 2023. Most workers (around 88.0%) were in self-employment in Q2 2023. The proportion of workers in Wage Employment in Q2 2023 was 12%.”

  • NBS: Average price of 5kg cooking gas increases by 8.70% in one year

    NBS: Average price of 5kg cooking gas increases by 8.70% in one year

    The National Bureau of Statistics (NBS) says the average price of 5kg of cooking gas rose by 8.70 percent in one year.

    This is according to the NBS’ report, titled: “Cooking Gas Price Watch”, released on Monday, January 22, in which it noted that the average price of 5kg of cooking gas increased on a year-on-year basis by 8.70 percent from N4,565.56 recorded in December 2022 to N4,962.87 in December 2023.

    When compared to the results from November, this indicated a 2.79 percent increase in December 2023.

    According to NBS: “On state profile analysis, the report showed that Adamawa recorded the highest average price at N5,725.33 for 5kg cooking gas, followed by Jigawa at N5,686.88, and Lagos at N5,671.05.

    “On the other hand, Ebonyi recorded the lowest price at N4,071.43, followed by Imo and Abia at N4,088.24 and N4,155.88, respectively.”

    At the zonal level, the North-East reported the highest average retail price for 5 kg of cooking gas at N5,256.61, followed by the North-West at N5,144.50.

    At N4,155.59, the south-east region had the lowest average retail price.

    Also, the NBS said the average retail price for refilling a 12.5kg cooking gas increased by 3.18 percent on a month-on-month basis from N11,155.15 in November 2023 to N11,510.16 in December 2023.

    Read Also: Price of diesel increases by 37.76% in one year – NBS

    It added: “On a year-on-year basis, the average retail price for 12.5kg cooking gas rose by 12.31 percent from N10,248.97 recorded in December 2022 to N11,510.16 in December 2023.”

    Meanwhile, state profile analysis showed that Cross River recorded the highest average retail price of N13,572.22 for 12.5kg cooking gas, followed by Edo at N13,265.63 and Delta at N13,041.67.

    Conversely, Ebonyi had the lowest average price of N10,142.86 for 12.5 kg of cooking gas, followed by Imo and Anambra with N10,150.90 and N10,264.29, respectively.

    The south-south had the highest average retail price for 12.5 kg of cooking gas at N12,700.14 at the zonal level, followed by the North-Central at N11,585.89. At N10,632.14, the South-East region recorded the lowest price.

  • Price of diesel increases by 37.76% in one year – NBS

    Price of diesel increases by 37.76% in one year – NBS

    The average retail price of Automotive Gas Oil (AGO) diesel rose by 37.76% in one year, according to the National Bureau of Statistics (NBS).

    Its document tagged: “Automotive Gas Oil (Diesel Price Watch (December 2023),” said the price soared from N817.86/litre in December 2022 to N1126.69/litre in December 2023.

    NBS said: “The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 37.76% on a year-on-year basis from a lower cost of N817.86 per litre recorded in the corresponding month of last year to a higher cost of N1126.69 per litre in December 2023.”

    The document further noted that on a month-on-month basis, an increase of 6.74% was recorded from N1055.57 in the preceding month of November 2023 to an average of N1126.69 in December 2023.

    In the period under review, said NBS, looking at the variations in the State prices, the top three States with the highest average price of the product, include Sokoto State (N1300.00), Kebbi/Yobe State (N1250.00) and Jigawa State (N1229.09).

    NBS added that the top three lowest prices were recorded in the following States namely, Rivers State (N897.89), Bayelsa State (N935.00) and Bauchi State (N985.00).

    The data explained that the Zonal representation of the average price of Automotive Gas Oil (Diesel) shows that the North West Zone has the highest price of N1227.31 while the South South Zone has the lowest price of N1039.90 when compared with other Zones.

    In a similar document titled: “Premium Motor Spirit (Petrol Price Watch (December 2023),” NBS disclosed that the average retail price paid by consumers for Premium Motor Spirit (Petrol) for December 2023 was N671.86, indicating a 225.85% increase when compared to the value recorded in December 2022 (N206.19).

    Read Also: Diesel price rises by 30.50% in one year

    It further noted that likewise, comparing the average price value with the previous month (.i.e. November 2023), the average retail price increased by 3.53% from N648.93.

     On State profile analysis, according to the Bureau, Ogun State had the highest average retail price for Premium Motor Spirit (Petrol), at N776.54, Taraba and Adamawa States were next, with N760.00 and N745.71, respectively.

    NBS also said that on the other side, Kano, Lagos and Borno States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N602.78, N612.72 and N622.71 respectively.

    The document noted that on the Zonal profile, the North East Zone had the highest average retail price of N699.82, while the North Central Zone had the lowest price of N657.69.

  • Inflation hits 28.92% in December 2023, says NBS

    Inflation hits 28.92% in December 2023, says NBS

    The National Bureau of Statistics (NBS) on Monday, January 15, said inflation rate soared from 28.20% in November 2023 to 28.92% in December 28.92%.

    This was contained in its document titled: “Consumer Price Index December 2023,” which was release in Abuja.

    NBS said: “In December 2023, the headline inflation rate increased to 28.92% relative to the November 2023 headline inflation rate which was 28.20%.”

    The document noted that looking at the movement, the December 2023 headline inflation rate showed an increase of 0.72% points when compared to the November 2023 headline inflation rate.

    Read Also: NBS report confirms soaring prices of food

    NBS added that on a year-on-year basis, the headline inflation rate was 7.58% points higher compared to the rate recorded in December 2022, which was 21.34%. 

    According to the Bureau, this shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022). 

    NBS further noted that on a month-on-month basis, the headline inflation rate in December 2023 was 2.29%, which was 0.20% higher than the rate recorded in November 2023 (2.09%). 

    It noted that this means that in December 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in November 2023.

    Details later…

  • NBS report confirms soaring prices of food

    NBS report confirms soaring prices of food

    The latest report by the National Bureau of Statistics (NBS) on its latest selected Food Prices Watch for November has confirmed hiking in the prices of beef, rice, beans, onion, tomato, and other selected food items rose sharply in November.

    The report released in Abuja at the weekend, revealed that the average price of 1kg rice local sold loose stood at N867.18 indicating an increase of 73.16 percent in price on a year-on-year basis from N500.80 recorded in November 2022 and 5.83% rise in price on a month-on-month basis from N819.42 in October 2023.

    Similarly, the average price of 1kg of Beef boneless increased by 29.61% on a year-on-year basis from N2,337.46 in November of last year (2022) to N3,029.50 in November 2023. On a month-on-month basis, the average price of this item increased by 2.76% from N2,948.03 in October 2023.

    The report confirms complaints by many Nigerians in different parts of the country who have been lamenting the increasing cost of prices, especially foodstuffs that has consequently made life harder for many households.

    It showed that the average price of 1kg of Beans brown (sold loose) rose by 44.99% on a year-on-year basis from N578.55 in November 2022 to N838.85 in November 2023. On a month-on-month basis, it increased by 6.18% from N790.01 in October 2023.

    In the same vein, the average price of a 1kg onion bulb rose by 60.62% on a year-on-year basis from N425.71 in November 2022 to N683.78 in November 2023, while there was an increase of 15.35% on a month-on-month basis.

    Average price of 1kg of tomato increased by 66.69 per cent on a year-on-year basis from N455.13 in November 2022 to N758.65 in November 2023, it stated.

    On a month-on-month basis, 1kg of tomato increased by 12.24 per cent from the N675.91 recorded in October to N758.65 in November 2023.

    On state profile analysis, the report showed that the highest average price of 1kg of boneless beef was recorded in Anambra at N3,850.47, while the lowest price was recorded in Yobe at N2,533.33.

    The NBS stated that Lagos recorded the highest average price of 1kg of local rice at N1,122.42, while the lowest was recorded in Kebbi at N688.00.

    It added that the highest average price of 1kg of brown beans was recorded in Imo at N1,109.75 while the lowest price was recorded in Jigawa at N575.

    Average price of 1kg of onion bulb was recorded in Anambra at N872.23, while the lowest was recorded in Gombe at N506.41.

    The report indicated that Delta recorded the highest average price of 1kg of tomato at N1,505.16, while Kano recorded the lowest price at N396.04

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    Analysis by zone showed that the average price of 1kg of boneless beef was highest in the Southeast at N3,643.65, followed by the Southwest at N3,290.11.

    The lowest price was recorded in the Northeast at N2,632.22.

    The Southwest and South-South recorded the highest average price of 1kg of local rice at N956.28 and N932.47, respectively, while the lowest price was in the Northeast at N776.12.

    The report stated that the Southeast recorded the highest average price of 1kg of brown beans at N1,034.08, followed by the Southwest at N977.98, while the North-West recorded the lowest price at N663.96

    It added that the Southeast and South-South recorded the highest average price of 1kg of onion bulb at N817.11 and N775.34, respectively, while the lowest was recorded in the Northeast at N529.95.

    The NBS stated also that the South-South recorded the highest average price of 1kg of tomato at N1,307.66, followed by the Southwest at N1,047.18.

    “The Northwest recorded the lowest price of 1kg of tomato at N434.80,” the NBS stated.

  • Capital importation declines to $654.65m – NBS

    Capital importation declines to $654.65m – NBS

    The National Bureau of Statistics (NBS) yesterday said Nigeria’s capital importation dipped by 43.55% to $654.65 million in the third quarter of 2023 (Q3 2023).

    This was contained in the Bureau’s report titled: “Nigeria Capital Importation Q3 2023,” which noted that the capital importation declined from the $1,159.67% recorded in Q3 2022.

    NBS said, “In Q3 2023, total capital importation into Nigeria stood at US$654.65 million, lower than US$1.159.67 billion recorded in Q3 2022, indicating a decline of 43.55%.”

    The report also noted that in comparison to the preceding quarter, capital importation fell by 36.45% from US$1.030.21 billion in Q2 2023.

    NBS noted that other Investment ranked top accounting for 77.56% (US$507.77 million) of total capital importation in Q3 2023, followed by Portfolio Investment with 13.31% (US$87.11 million) and Foreign Direct Investment (FDI) with 9.13% (US$59.77 million).

    Read Also; Tinubu is determined to end reign of terror in Southeast – Shettima

    The report added that the production/manufacturing sector recorded the highest inflow with US$279.51 million, representing 42.70% of total capital imported in Q3 2023, followed by the financing sector, valued at US$127.93 million (19.54%), and Shares with US$85.49 million (13.06%).

    NBS said capital Importation during the reference period originated largely from the Netherlands with US$175.62 million, and recorded 26.83% share. This was followed by Singapore with US$79.15 million (12.09%) and the United States with US$67.04 million (10.24%).

    According to the data, Lagos state remained the top destination in Q3 2023 with US$308.83 million, accounting for 47.18% of total capital importation, followed by Abuja (FCT) with US$194.66 million (29.73%) and Abia state with US$150.09 million (22.93%).

    NBS noted that Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q3 2023 with US$222.84 million (34.04%), followed by Citibank Nigeria Limited with US$190.03 million (29.03%) and Zenith Bank Plc with US$83.04 (12.68%).

  • Capital importation declines to $654.65m, says NBS

    Capital importation declines to $654.65m, says NBS

    The National Bureau of Statistics (NBS) on Friday, December 29, said Nigeria’s capital importation dipped by 43.55% to $654.65 million in the third quarter of 2023 (Q3 2023).

    This was contained in the Bureau’s report titled: “Nigeria Capital Importation Q3 2023,” which noted that the capital importation declined from the $1,159.67% recorded in Q3 2022.

    NBS said: “In Q3 2023, total capital importation into Nigeria stood at US$654.65 million, lower than US$1.159.67 billion recorded in Q3 2022, indicating a decline of 43.55%.”

    The report also noted that in comparison to the preceding quarter, capital importation fell by 36.45% from US$1.030.21 billion in Q2 2023.

    Read Also: Kerosene price soars by 18.78% in 12 months, says NBS

    NBS noted that other Investments ranked top accounting for 77.56% (US$507.77 million) of total capital importation in Q3 2023, followed by Portfolio Investment with 13.31% (US$87.11 million) and Foreign Direct Investment (FDI) with 9.13% (US$59.77 million).

    The report added that the production/manufacturing sector recorded the highest inflow with US$279.51 million, representing 42.70% of total capital imported in Q3 2023, followed by the financing sector, valued at US$127.93 million (19.54%), and Shares with US$85.49 million (13.06%).

    NBS said capital Importation during the reference period originated largely from the Netherlands with US$175.62 million and recorded a 26.83% share. This was followed by Singapore with US$79.15 million (12.09%) and the United States with US$67.04 million (10.24%).

    According to the data, Lagos state remained the top destination in Q3 2023 with US$308.83 million, accounting for 47.18% of total capital importation, followed by Abuja (FCT) with US$194.66 million (29.73%) and Abia state with US$150.09 million (22.93%).

    NBS noted that Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q3 2023 with US$222.84 million (34.04%), followed by Citibank Nigeria Limited with US$190.03 million (29.03%) and Zenith Bank Plc with US$83.04 (12.68%).