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JUST IN: Nigeria’s Inflation Rises To 34.60% — NBS
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6 months agoon
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The inflation rate in Nigeria rose to 34.60 per cent in November 2024, showing an increase of 0.72 percentage points compared to 33.88 per cent recorded in October 2024.
The National Bureau of Statistics (NBS), while announcing the release of the data on Monday said, “In November 2024, the Headline inflation rate was 34.60 per cent relative to the October 2024 headline inflation rate of 33.88 per cent. Looking at the movement, the November 2024 Headline inflation rate showed an increase of 0.72 percentage points compared to the October 2024 Headline inflation rate.”
The NBS attributed the rise in the inflation rate in November 2024 to the Food inflation rate, which was 39.93 per cent on a year-on-year basis, indicating 7.08 percentage points higher than the 32.84 per cent recorded in November 2023.
On a year-on-year basis, the Headline inflation rate was 6.40 percentage points higher than the 28.20 per cent rate recorded in November 2023.
This shows that the year-on-year headline inflation rate increased in November 2024 compared to the same month in the preceding year of November 2023.
READ ALSO: JUST IN: Nigeria’s Inflation Hits 33.69%
Furthermore, the NBS noted that on a month-on-month basis, the Headline inflation rate in November 2024 was 2.638 per cent, which was 0.002 percentage points lower than the 2.640 per cent recorded in October 2024.
This means that in November 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in October 2024.
The NBS highlighted that “The percentage change in the average CPI for the twelve months ending November 2024 over the average for the previous twelve-month period was 32.77%, showing 8.76% points increase compared to 24.01% recorded in November 2023.”
The Urban inflation rate on a year-on-year basis, in November 2024 was 37.10 per cent, indicating 6.88 percentage points higher compared to the 30.21 per cent recorded in November 2023.
On a month-on-month basis, the Urban inflation rate was 2.77 per cent in November 2024, showing 0.02 percentage points higher compared to 2.75 per cent recorded in October 2024.
READ ALSO: BREAKING: Inflation Drops To 32.15%
The corresponding twelve-month average for the Urban inflation rate was 35.07 per cent in November 2024, and this
was 9.62 percentage points higher compared to the 25.45 per cent reported in November 2023.
The NBS reported that the Rural inflation rate in November 2024 was 32.27 per cent on a year-on-year basis.
This was 5.84 percentage points higher compared to the 26.43 per cent recorded in November 2023.
On a month-on-month basis, the rural inflation rate in November 2024 was 2.51 per cent, down by 0.02 percentage points compared to 2.53 per cent recorded in October 2024
“The corresponding twelve-month average for the Rural inflation rate in November 2024 was 30.71%. This was 8.00% points higher compared to the 22.71% recorded in November 2023,” the NBS said.
READ ALSO: JUST IN: Nigeria Inflation Climbs To 26.72%
The NBS stated that the rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items; Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Guinea Corn, Maize Grains, Rice, etc (Bread and Cereals Class), Beer, Pinto (Tobacco Class), and Palm Oil, Vegetable Oil, etc (Oil and Fats Class).
On a month-on-month basis, the Food inflation rate in November 2024 was 2.98 per cent which shows a 0.05 percentage point increase compared to the 2.94 per cent recorded in October 2024.
“The rise is attributed to the rate of increase in the average prices of Mudfish, Catfish Dried, Dried Fish Sadine, etc
(Fish Class), Rice, Yam Flour, Millet Whole grain, Corn flour, etc (Bread and Cereals Class), Agric Egg, Powered Milk, Fresh Milk, etc (Milk, cheese and eggs Class) and Dried Beef, Goat Meat, Frozen Chicken, etc (Meat Class),” the NBS explained.
The average annual rate of Food inflation for the twelve months ending November 2024 over the previous twelve-month average was 38.67 per cent, which was 11.58 percentage points higher compared with the 27.09 per cent average annual rate of change recorded in November 2023.
The NBS stated, “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 28.75% in November 2024 on a year-on-year basis; an
increase of 6.36% points when compared to the 22.38% recorded in November 2023.
READ ALSO: Nigeria’s Inflation Increases To 22.22 Per Cent
“The highest increases were recorded in prices of the following items; Taxi journey per drop, Bus journey intercity,
Journey by motorcycle, etc (under Passenger Transport by Road Class), Rents (Actual and Imputed Rentals for Housing Class), Meal at a local Restaurant (Accommodation Service Class), and hair cut service, women’s hairdressing, etc (Hairdressing salons & personal grooming establishments class).”
On a month-on-month basis, the core Inflation rate was 1.83 per cent in November 2024.
It stood at 2.14 per cent in October 2024, down by 0.30 percentage points.
The average twelve-month annual inflation rate was 26.64 per cent for the twelve months ending November 2024, this was 6.29 percentage points higher than the 20.35 per cent recorded in November 2023.
READ ALSO: Inflation Hits 18yr High at 22.4%, To Surpass 23% This Month
The NBS further stated that “In November 2024, All Items inflation rate on a Year-on-Year basis was highest in Bauchi (46.21%), Kebbi (42.41%), Anambra (40.48%), while Delta (27.47%), Benue (28.98%) and Katsina (29.57%) recorded the lowest rise in Headline inflation on Year-on-Year basis.
“On a Month-on-Month basis, however, November 2024 recorded the highest increases in Yobe (5.14%), Kebbi (5.10%), Kano (4.88%), while Adamawa (0.95%), Osun (1.12%) and Kogi (1.29%) recorded the slowest rise on Month-on-Month inflation.
“Food Inflation In November 2024, Food inflation on a Year-on-Year basis was highest in Sokoto (51.30%), Yobe (49.69%), Edo (47.77%), while Kwara (31.39%), Kogi (32.95%), and Rivers (33.27%) recorded the slowest rise in Food inflation on Year-on-Year basis.
“On a Month-on-Month basis, however, November 2024 Food inflation was highest in Yobe (6.52%), Kano (5.95%), and Kebbi (5.68%) while Borno (0.76%), Adamawa (0.90%) and Kogi (1.21%) recorded the slowest rise in Food inflation on Month-on-Month basis.”
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There seems to be solution at sight to the crisis bedeviling Okomu community in Ovia South West Local Government Area of Edo State following the setting up of Peace and Conflict Resolution Committee by prominent Ijaw monarchs drawn from Edo, Ondo, Delta and Bayelsa states.
The setting up of the Peace and Conflict Resolution Committee by the Ijaw kings followed a request by His Royal Majesty, Pius Yanbor, the Pere (king) of Okomu Kingdom to his Ijaw brothers peres (king), appealing to them to intervene in the crisis that had led to the burning of houses and loss of lives.
Worried by the crisis and the consequent appeal by HRM Pius Yanbor, the Ijaw peres (kings), namely, HRM, Oboro Gbaraun II, the Pere of Gbaramatu Kingdom, Delta State; HRM, Zacheus Egbunu, the Agadagba of Arogbo Kingdom, Ondo State; HRM, Capt. Frank Okiakpe, the Pere of Gbaraun Kingdom, Bayelsa State; HRM, Joel Ibane, the Pere of Iduwini Kingdom, Delta State; HRM, Godwin Ogunoyibo, the Pere of Olodiama Kingdom, Edo State; HRM, Gbebokedi Ajirioba, the Pere of Tubutoru Kingdom, Ondo State; HRM, Roman Bohan, the Pere of Furupagha Kingdom, Edo State, and HRM Stephen Ebikeme, the Pere of Oporomor Kingdom, Bayelsa State, in an acceptance memo of the Okomu king’s request which was made available to INFO DAILY stated: “We, the undersigned traditional rulers of Ijaw extraction, have unanimously aligned in agreement to take a deep dive into the crisis that has been rocking and bedeviling Okomu Kingdom for the past three years, with a view to providing respite and bringing lasting peace to the aforementioned kingdom.”
READ ALSO:Okomu Community Commends 4 Brigade For Sustenance Of Peace, Wants FOB Established In The Area
They continued: “This alignment however, is a fallout of a series of robust engagement amongst well-meaning and revered monarchs of Ijaw extraction, whose primary role in their various Kingdoms is to foster peace and unity.”
The Ijaw monarchs, thereafter, appointed Chief Sunday as the Chairman of the Peace and Conflict Resolution Committee, High Chief Pascal Akpofagha as the General Secretary and 16 other notable Ijaw sons from various kingdoms as members.
The 18-member committee is saddled with the responsibility of interfacing with the warring parties in the kingdom with a view to restoring lasting peace to the kingdom.
The revered Ijaw monarchs further expressed their commitment to providing the necessary support and work with the committee within the ambit of the law in order to ensure peace and harmony return to Okomu Kingdom.
News
UN Flags 138 Million Kids In Global Child Labour Crisis
Published
9 hours agoon
June 12, 2025By
Editor
Ahead of World Day Against Child Labour, a report released on Wednesday by the International Labour Organisation and the United Nations Children’s Fund has shown that nearly 138 million children were engaged in child labour in 2024.
The figure included 54 million engaged in hazardous work that endangered their health, safety, and development.
“Today, nearly 138 million children are in child labour worldwide, down from 160 million four years ago.
“There are over 100 million fewer children in child labour today than in 2000, even as the child population increased by 230 million over the same period,” the report stated
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World Day Against Child Labour is marked on June 12 every year and International Day of Play is marked on June 11.
The report revealed that while child labour had declined by more than 20 million since 2020, the world had missed its target of ending child labour by 2025.
It noted that since 2000, child labour had almost halved, yet current rates remained too slow.
To end child labour within the next five years, the report said the current rates of progress would need to be 11 times faster.
“While the elimination of child labour remains an unfinished task, there is some welcome news.
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“After a concerning rise in child labour captured by the global estimates for 2020, a feared further deterioration in the wake of the COVID-19 pandemic has not materialised, and the world has succeeded in returning to a path of progress.
“This success can be attributed to some well-known policy imperatives that, if sustained and scaled-up, could bring about an end to child labour,” the report stated.
It highlighted that the policies included ensuring free and high-quality schooling to provide a worthwhile alternative to child labour and help ensure successful transitions from school to decent work.
Others were equipping education systems to support the school-to-work transition, particularly for older adolescents who face heightened occupational safety and health risks in the labour market; strengthening legal protections against child labour, aligned with international standards to lay the groundwork for effective prevention and enforcement, among others.
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The report also said targeted policies to end child labour must go hand in hand with broader development strategies.
“And to be fully effective, child labour concerns must be systematically mainstreamed into economic and social policy planning – from macroeconomic frameworks to labour market reforms and sectoral strategies.
“The latest estimates underscore the magnitude of the challenge of ending child labour. They also point to progress, and in doing so, affirm the possibilities.
“We have the blueprint for success – the right policies, adequate resources and unwavering commitment. Now is the time to act to free future generations from child labour,” it added.
News
Journalists’ Cooperative Society Announces Formal Take-off
Published
9 hours agoon
June 12, 2025By
Editor
The Innovative Media Partners Cooperative Multipurpose Society has announced its formal take-off.
The President of IMPCMS and Publisher of The Eagle Online, Dotun Oladipo, made the announcement in a statement issued on Wednesday.
According to Oladipo, the formal commencement of activities followed the completion of all registration formalities and opening of a bank account.
The statement added that this also followed the approval of the Executive Committee of the IMPCMS, which now has the full compliments of members.
READ ALSO: Nigeria No Longer A Democracy, Peter Obi Laments
Apart from Oladipo, other members of the Executive Committee include Ugomma Cookey, a member of the Board of the Media Career Development Network, as Vice President; Nkanu Egbe, Publisher of Lagos Metropolitan, as General Secretary; Ijeoma Popoola, Editor with the News Agency of Nigeria, Financial Secretary; and Dolapo Otegbayi, a prominent media and marketing consultant, as Treasurer.
The Ex-Officio Members are media trainer, Taiwo Obe; and Founder and Chief Executive Officer of WVL Development Advisers Limited and former Acting Managing Director/CEO of Bank of Industry, Dr. Waheed Olagunju.
To join the cooperative society, which is for practicing journalists and media professionals, would-be members are expected to fill a form, which can be obtained at the secretariat at 1, James Robertson Street, Surulere, Lagos.
For the electronic version of the form, the statement said a WhatsApp message can be sent to: 08023204836, or email to: nkanu.egbe@gmail.com.
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The cost of membership was put at N10,000, which is payable into the cooperative society’s account with the United Bank for Africa: Innovative Media Partner Surulere Multipurpose Cooperative Society, with account number 1028258688.
Among the early financial members of the society are the President of the Nigerian Guild of Editors and Editor of Vanguard Newspaper, Eze Anaba; seasoned broadcaster, Anike-ade Funke Treasure; eminent journalist, Dr. Hope Orivri; Publishers of Oriental News, Chika Izuora and Yemisi Izuora; and Dayo Ojo.
All members of the Executive Committee of the IMPCMS have also become financial members.
The society was formed as a fallout of the Second Nigerian Media Leaders’ Summit held in Abeokuta, the Ogun State capital, in 2024, and organised by The Journalism Clinic, founded by Obe.
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