Moderation in Food Prices Eases Inflation to 32.15% Severe in Bauchi, Kebbi, Jigawa, others
Ndubuisi Francis, James Emejo in Abuja and Sylvester Idowu in Warri The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities declined to 32.15 percent in August
compared to 33.40 percent in the preceding month, the National Bureau of Statistics (NBS) said yesterday. The NBS attributed the 1.25 percent drop in the headline index to moderation in food and commodity prices.
According to the CPI figures for the review period, year-on-year, however, inflation was 6.35 percent higher compared to 25.80 percent in August 2023. Month-on-month, headline inflation dropped to 2.22 percent
compared to 2.28 percent in July. Month-on-month, the food inflation stood at 2.37 percent or 0.10 percent decrease compared to 2.47 percent in the preceding month. The NBS attributed the fall to the decline in the rate of increase
in the average prices of tobacco, tea, cocoa, coffee, groundnut oil, milk, yam, irish potatoes, water yam, cassava tuber, palm oil, and vegetable among others. However, food inflation stood at 37.52 percent, year-on-year, which
represented an 8.18 percent increase compared to 29.34 percent in August 2023. According to the statistical agency, the rise in food inflation Continued on page 14
WTO Chief Okonjo-Iweala Seeks Second Term to Complete 'Unfinished Business'... Page 8 Tuesday 17 September, 2024 Vol 29. No 10751. Price: N400
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Suspect in Trump’s Assassination Attempt Charged, Waited for Ex-president for 12 Hours... Page 22
Oil Marketers: It Makes No Sense for NNPC to Sell Locally Sourced Petrol Higher Than Imported Fuel National oil firm makes adjustment to breakdown of prices from Dangote refinery Emmanuel Addeh in Abuja Oil marketers yesterday argued that
it wasn’t normal for the Nigerian National Petroleum Company Limited (NNPC) to sell petrol
produced locally from the Dangote refinery to Nigerians at a pump price higher than imported fuel.
Coming under the umbrella of the Independent Petroleum Marketers Association of Nigeria (IPMAN),
the oil marketers stressed that it then means that there was no cause for celebration if imported products
are cheaper. Continued on page 14
Tinubu Reschedules US Trip to Visit Maiduguri, Pledges Help for Borno Sets up disaster relief fund, seeks private sector support Shehu of Borno wants flood disaster probed Zulum commences distribution of relief materials to impacted persons Acknowledges donations from agric ministry, NEMA, NNPC Kano donates N100m, Ndume N50m IGP orders reconstruction of damaged police facilities Deji Elumoye, Michael Olugbode, Sunday Aborisade and Linus Aleke in Abuja and Ahmad Sorondinki in Kano President Bola Ahmed Tinubu, yesterday, said he had to shelve his proposed visit to the United States, to identify with the people of Maiduguri and environs in Borno State over the recent flood disaster, which almost crashed commercial and social activities
in the state. Tinubu vowed to use a different approach to tackle the challenges of climate change and other environmental issues facing the country. He announced the setting up of a relief fund to help disaster victims, and appealed to the private sector to take interest in the initiative by contributing Continued on page 14
PAPAL HONOUR FOR LADY DOJA OTEDOLA... Archbishop of Lagos Archdiocese, His Grace, Most Rev. Dr. Alfred Adewale Martins (left); and the recipient of the Papal honour of Pro Ecclesia et Pontifice by His Holiness Pope Francis, Dame Christine Doja Otedola, during the investiture of Papal Nights and Medalist on her at The Holy Cross PHOTO: SUNDAY ADIGUN Cathedral in Lagos... on Saturday