The Rates Of Consumption Continue To Climb - amazonia.fiocruz.br

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The Rates Of Consumption Continue To Climb Video

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The hike in food prices and other individual consumption across the country further increased the rate of inflation in Nigeria to It was observed that increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index. On a month-on-month basis, the headline index increased by 1. The percentage change in the average composite CPI for the month period ending October over the average of the CPI for the previous month period was The urban inflation rate increased by Rural inflation rate, on the other hand, increased by On a month-on-month basis, the urban index rose by 1.

The rural index also rose by 1. The Ratss month year-on-year average percentage change for the urban index was This was higher than A professor of political economy and management expert, Pat Utomi, said Nigeria was in need of investments to rejig economic activities. However, we desperately need investments to resume economic activity.

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The investment to jumpstart growth is not taking place. This is because it will discourage investment and we will get a really awkward situation. For too long, banks have been profitable from lending to three or four people in the economy. Now, we have a situation where the supply chain has made products unavailable, pushing costs go here therefore we have inflationary pressures.

Utomi said that the challenge of the moment was to ensure that whatever credit available goes to the productive sector and to crash the cost of governance. He called for stimulus responses and more investments to create growth, saying Nigeria might go on the path of Venezuela. Uche Uwaleke, stated that the rise in inflation was caused by many factors. Uwaleke further noted that the rise in food inflation was worrisome, adding that this was despite the interventions of the Central Bank of Nigeria.

Sam Nzekwe, stated here Nigeria had remained a consuming rather than a producing nation. An economist with Lagos Business School, Bongo Adi, The Rates Of Consumption Continue To Climb inflation would get worse and predicted that it was heading towards 20 per cent. Adi noted that the economic disruption caused by the coronavirus pandemic had not subsided but had been worsened by the recent EndSARS protest across the country.

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According to him, farmers are unable to get their produce to the market during the period of disruption and their farm produce got damaged. He said the rise indicated that the policy of the Central Bank of Nigeria in taming inflation needed critical review. He noted that the persistent increase in food prices, caused by border closures, restrictions Consumpton the forex market, rising cost of transportation and insecurity predominantly in the Northern states had further heightened the situation.

To mitigate these challenges, NECA DG advised the Federal Government to roll out more direct fiscal interventions to aid domestic production as was done in the agricultural sector. According to him, the interventions should be extended to the mining, manufacturing and other high job creating sectors.

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He called for concerted efforts in order to create an environment that would not only attract foreign direct investment but also enable current investors to remain sustainable. Some of them, according to him, are transportation costs, logistics challenges, cargo clearing problems, exchange rate depreciation, forex liquidity issues, VAT increase, climate change, insecurity in many farming communities and structural bottlenecks to production.

He said any mitigation measures would have to be situated in the context of the key inflation drivers. Notify me of follow-up comments by email.

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