ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Tuesday, January 19, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
2015: High political financing may worsen Nigeria’s inflation

2015: High political financing may worsen Nigeria’s inflation

byAgency Report
November 10, 2014
3 min read

The high level of political financing in the run up to the 2015 election campaigns may worsen the inflation trend in the country, the Lead Director, Centre for Social Justice, CENSOJ, Eze Onyekpere, has said.

Mr. Onyekpere was reacting on Monday to the latest Composite Price Index, CPI, published on Sunday by the National Bureau of Statistics, NBS.

The CPI, which measures the general price level for a period, showed that the rate of inflation for October dropped about 0.2 percentage points from about 8.3 per cent in September to about 8.1 per cent.

The NBS said the rate in October was the second time inflation would ease marginally after it consistently climbed for most part of the year.

According to the statistics bureau, the weakened pace of price increases recorded in the headline inflation index in the month was as a result of slower increases in food prices, including other major Classification of Individual Consumption by Purpose (COICOP).

The Food index, the Bureau said, rose by 9.3 per cent in the month, on a year-on-year basis, down by 0.4 per cent recorded in September.

“The ease in the increase in food prices for the second consecutive month was as a result of slower increases in all groups that contributed to the index,” the NBS said.

The Bureau reported further that price movements recorded by the All Items-less-Farm Product, or Core sub-index, moved at the same pace for the third consecutive month at 6.3 per cent (year-on-year), holding for the lowest rate increases recorded in the year so far.

The bureau noted that muted price increases were also recorded across most divisions and groups that yield the core index, including Catering Services, fuels and lubricants for personal transport, and non-durable household goods.

RelatedNews

How National Assembly saved Nigerian economy — Lawan

Banks’ non-performing loans drop to N1.17tn – NBS

Heliculture: Nigerian snail farmers decry lack of govt support

Why prices of food items have increased in Nigeria

On a month-on-month basis, the NBS said headline price index rose by 0.51 per cent in October, marginally lower from the 0.55 per cent in the preceding month.

“On year-on-year basis, the pace of increase of both Urban and Rural prices eased for the second consecutive month in October. The Urban Composite CPI rose by 8.1 percent, down from 8.4 per cent in September, while the Rural Composite CPI rose by 8.0 per cent down from 8.4 per cent in the previous month.

“Urban prices have increased at the same pace for the previous three consecutive months: by 0.5 per cent while the pace of increases in the Rural All- items index eased, increasing by 0.5 per cent, down from 0.6 per cent in September,” the bureau said.

Dangote adbanner 728x90_2 (1)

“The percentage change in the average composite CPI for the 12-month period ending in October over the average of the CPI for the previous 12-month period was recorded at 8.0 per cent, unchanged from rates recorded in September, while corresponding Rural index was also unchanged in October increasing by 7.9 per cent,” it added.

The pace of increase in food prices, the Bureau said, rose by 9.3 per cent, representing the lowest price increase since March this year.

The NBS, however, reported that the pace of increases in the “All Items Less Farm Produce” or Core index, which excludes the prices of volatile agricultural products, held firm for the third consecutive month in October, rising by 6.3 per cent year-on-year.

But Mr. Onyekpere, said the level of inflation in the economy, which has remained for over a year due to the pressure on the Naira and the economy, was as a result of declining crude oil prices at the international oil market in recent times.

As an oil-dependent economy, Mr. Eze said the pressures would continue if the price of oil would continue to decline, adding that though the situation may be okay at the moment, the elections might heighten it.

“The situation now is okay. It could be better. But, by the time politicians begin to spend their huge campaign funds, which would not reflect on the production of goods and services in the economy, it would likely affect the level of inflation in the country,” he said.

ADVERTISEMENT

According to him, the high level of political financing would definitely spike the level of inflation in the country in the near future.

But the CEO Global Analytics Consulting Limited, Tope Fasua, said for inflation to be going down at a time people would expect to rise as a result of political campaigns showed that the Nigerian economy has the capacity to defy conventional economic theories.

According to Mr. Fasua, the argument that increased spending during elections would raise inflation towards election was contestable, considering that the amount of money that would get to the average man in the streets would be insignificant to impact on his purchasing power.

Rather, he said the pressure would be much on the country’s foreign exchange end of things, in view of the fact that politicians would ultimately take the money outside the country, apart from the pressure on the economy as a result of the decline in crude oil prices at the international market.

He urged Nigerians to try to think outside the box and find out why this was happening, as the opinions of most Nigerians may not have been sought by the NBS before computing the new inflation figures.

“I don’t belief personally that the small tokens of N5 the politicians would be giving out during elections would be enough to impact on the level of inflation in any significant way,” Mr. Fasua said.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

Nigeria blasts America, says U.S has let Nigeria down in war against Boko Haram

Next Post

Fani-Kayode: Court fixes Nov. 17 for ruling on no-case submission

Agency Report

Agency Report

More News

The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria November 9, 2016. REUTERS/Afolabi Sotunde

NSE: Nigeria market extends slide amid 29% drop in trade volume

January 19, 2021
NIN Registration: A crowd gathered outside NIMC office, Alausa, Lagos State. [PHOTO: TW @FS_Yusuf_]

NIN Registration: Nigeria subscribers submit 47.8m ID numbers ahead of deadline

January 19, 2021
Federal Internal Revenue Service (FIRS)

Nigeria’s FIRS raked in N4.9trn in tax revenue 2020 – Official

January 19, 2021
Cooking gas cylinders

Nigeria’s LPG consumption hits 1m metric tonnes — PPPRA

January 19, 2021
The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria November 9, 2016. REUTERS/Afolabi Sotunde

Nigerian Govt raised ‘N2.36trn from capital market in 2020’

January 19, 2021
National Bureau of Statistics (NBS)

Benue, Ebonyi, Taraba paid highest for kerosene in December 2020- NBS

January 19, 2021
Next Post
Femi Fani-Kayode

Fani-Kayode: Court fixes Nov. 17 for ruling on no-case submission

Ekiti 2014: APC crying wolf – Presidency

Nigerian govt. urges states to replicate procurement laws

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad




Advertisement






netherland biz school Advert

Zenith Advert

Heritage Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps Address Nationwide
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.