Higher Food Prices Push Inflation Slightly to 8% in December

The Consumer Price Index (CPI) which measures inflation rose slightly to 8.0 per cent in December compared to 7.9 per cent the previous month, according to the National Bureau of Statistics (NBS).

The statistics agency attributed the 0.1 percentage increase in headline index to a slight increase in food prices as a result of the festive period.

It said advances in a broad array of divisions that yield the headline index caused a faster pace of price increases in the month under review.

According to the NBS, the core index, which excludes the prices of volatile agricultural increased at a slower rate in December, after increasing at the same pace for the previous four months.

Prices rose by 6.2 per cent (year-on-year), down from 6.3 per cent in November.

Year-on-year, urban prices increased 7.9 per cent in December while its Rural index increased at a faster pace in after increasing at a slower pace for the previous three months.

Specifically, the Rural All Items Index increased by 8.0 per cent, marginally higher from 7.9 per cent recorded in November.

On a month-on-month basis, both the urban and rural indices recorded the highest increases since May and September 2014 respectively. Prices also increased by 0.2 percentage points to 0.83 and 0.82 per cent respectively, according to the NBS.

It said: “On a month-on-month basis, the highest price increases were recorded in the fish, ‘potatoes, yams and other tubers,’ meat and coffee, tea and cocoa groups. The average annual rate of change of the food sub-index for the 12-month period ending in December 2014 over the previous 12 month average was 9.5 per cent.

The 12 month rate of change has held steady for seven consecutive months.”

Continuing, it noted: “The percentage change in the average composite CPI for the 12-month period ending in December over the average of the CPI for the previous 12-month period was recorded at 8.0 per cent. The corresponding 12-month year-on- year average percentage change for the urban index was 8.2 per cent in December, while the corresponding Rural index was also unchanged in December increasing by 7.9 per cent.

“Food prices increased at a marginally faster pace in December.

Food prices as measured by the food sub-index rose by 9.2 per cent, 0.1 percentage points higher from rates recorded in November. On a month-on-month basis,food prices increased by 0.9 per cent in December, 0.3 percentage points higher from rates recorded in November. This also represents the highest month-on-month increase observed since March 2014.”

Palestine: House Probes Nigeria’s Refusal to Vote

The executive arm of government on Tuesday drew the ire of the House of Representatives over its decision to abstain from the United Nations voting on the recognition of Palestinian independence. Spurred by a motion raised by Hon. Aminu Suleiman (APC, Kano), the House summoned the Minister of Foreign Affairs, Aminu Wali, to appear before its foreign affairs committee and explain the reason for Nigeria’ sudden about turn during the voting.

According to Sulaiman, the volte face of Nigeria is a negation of commitment to supporting the Palestinian quest.

The motion was unanimously adopted with a proviso that Nigeria shouldn’t shy away from backing Palestinian independence as well as the struggles of other oppressed people in the world.

There was a slight hiccup before its adoption as Hon. Simon Yakubu Arabo (PDP, Kaduna) sought to expunge prayer calling for Nigeria to reassure its stand for the push of Palestinian independence. But his opposition didn’t sail through.

Arguing that the voting was dispassionate as France, Germany, China, Russia and Chile all voted in favour of the Palestinian independence, Suleiman wondered why Nigeria,which championed the fight against apartheid in South Africa will depart from a position it has been known for since independence.

The lawmakers’ resolve to probe the Nigeria’s indecision on the Palestinians independence comes a week after the Arewa Consultative Forum (ACF) demanded that the National Assembly should investigate Nigeria’s abstention.

The ACF said the National Assembly “should summon both the foreign affairs minister and the Nigerian Permanent Representative to the United Nations and ask them to explain the most recent deviation from our normal diplomatic principles.”

Thisday