Cooking Gas Price Inflates By 61%

The price of 12.5kg of cooking gas rose by 61% from N6,165 in September 2021 to N9,906 in September 2022.

This was disclosed by the National Bureau of Statistics in it's report on Liquefied Petroleum Gas (cooking gas) Price Watch for September 2022.

In it's state profile analysis, the bureau stated that Cross River recorded the highest average retail price for the refilling of a 12.5kg cylinder of the product with N10,937, followed by Kogi with N10,760 and Oyo with N10,724.

Conversely, the lowest average price was recorded in Yobe with N8,350, followed by Katsina and Taraba with N8,545 and N9,026 respectively.

Zone analysis showed that the South-West recorded the highest average retail price for refilling a 12.5kg cylinder with N10,320, followed by the South-South with N10,202, while the North-East recorded the lowest price with N9,300

$1 Now ₦788, We Are Not Aware Of Naira Redesigning - Finance Says

Minister of Finance, Budget, and National Planning, Zainab Ahmad, has disassociated her ministry from the planned move by the Central Bank of Nigeria ( CBN) to redesign the naira.

The minister, who commented on the policy in response to a question raised by Senator Opeyemi Bamidele (APC Ekiti Central) during the 2023 budget defense session with the Senate Committee on Finance, warned CBN of consequences that may arise from the new policy.

Senator Bamidele had told the minister that barely two days after the announcement of the plan, the effect on the value of the naira to the US dollar was being felt.

Bamidele said, “Just two days after the announcement of the policy, the value of naira to a US dollar has risen from N740 to N788 due to a rush in exchange of naira notes for foreign currencies, particularly dollars."

In her quick response, the minister said she and her ministry are not aware of the policy but only heard of it from the media.

“Distinguished senators, we were not consulted at the Ministry of Finance by CBN on the planned naira redesigning and cannot comment on it as regards merits or otherwise, " Senator Bamidele added.

Nigeria’s Inflation Rate Hits A New 17-year High Of 20.77% In September 2022

Nigerians' President- Major General Mohammadu Buhari (Retd)

Nigeria’s inflation rate surged to 20.77% in September 2022, up from 20.52% recorded in the previous month.

The new Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) showed that Nigeria’s CPI rose by 20.77% year-on-year in September 2022. On a month-on-month basis, the index rose by 1.36% compared to the 1.77% increase recorded in the previous month.

This represents the highest rate ever since September 2005, according to data tracked by Nairalytics, a web portal that publishes Nigeria’s historical macroeconomic data.

With the inflation rate, prices of good and services are expected to take another rapid increase, even at the expense of scarce resources and high cost of living in Nigeria.

Meanwhile, the urban inflation rate stood at 21.25% in September 2022 from 17.19% recorded in the corresponding period of 2021, while rural inflation stood at 20.32%.

The food inflation rate in September 2022 was 23.34% on a year-on-year basis, marking an uptick from the 23.12% recorded in the previous month. The increase in the food index was attributed to increases in prices of bread and cereals, food products, potatoes, yams, and other tubers, oil, and fat.

The ‘’all items less farm produce’’ or core inflation, which excludes the prices of volatile agricultural produce, stood at 17.60% in September 2022 on a year-on-year basis; up from 17.2% recorded in August 2022.

The highest increases were recorded in prices of gas, liquid fuel, passenger transport by air, passenger travel by road, and solid fuel.