According to the report, Kogi leads the surge in inflation by 48.46%, followed by Kwara 46.18%, but Akwa Ibom was pegged at 45.18%.

While Nasarawa 33.76%, Borno 34.28% and Bauchi 34.38% recorded the slowest rise in Food inflation on Year-on-Year basis.

The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items Garri, Millet, Akpu Uncooked Fermented (which are under the Bread and Cereals class), Yam Tuber, Water Yam (under Potatoes, Yam, and other Tubers class).

Others are: Dried Fish Sadine, Mudfish Dried (under Fish class), Palm Oil, Vegetable Oil (under Oil and Fat), Beef Feet, Beef Head, Liver (under Meat class), Coconut, Water Melon (under Fruit Class), Lipton Tea, Bournvita, Milo (under Coffee, Tea and Cocoa Class).

On a Month on-Month basis, however, March 2024 Food inflation was highest in Abia (5.17%), Cross

River (5.14%), Bayelsa (4.75%), while Borno (1.59%), Yobe (2.08%) and Adamawa (2.12%) recorded the slowest rise in Food inflation on Month-on-Month basis.

The Food inflation rate in March 2024 was 3.62% which shows a 0.17% decrease compared to the rate recorded in February 2024 (3.79%).

The fall in Food inflation on a Month-on-Month basis was caused by a fall in the rate of increase in the average prices of Guinea corn flour, Plantain Flour etc (under Bread and Cereals class), Yam, Irish Potatoes, Coco Yam (under Potatoes, Yam & Other Tubers class), Titus fish, Mudfish Dried (under Fish class), Lipton, Bournvita, Ovaltine (under Coffee, Tea and Cocoa class).

Meanwhile, the Food inflation rate in March 2024 was 40.01% on a year-on-year basis, which was 15.56% points higher compared to the rate recorded in March 2023 (24.45%).

The average annual rate of Food inflation for the twelve months ending March 2024 over the previous twelve-month average was 31.40%, which was 8.69% points increase from the average annual rate of change recorded in March 2023 (22.72%).

The “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 25.90% in March 2024 on a year-on-year basis; up by 6.26% when compared to the 19.63% recorded in March 2023.

The highest increases were recorded in prices of the following items Bus Journey within the city (under Passenger Transport by Road class), Actual and Imputed Rentals for Housing, Consultation Fee of a medical doctor (under Medical Services class), and pharmaceutical products, etc.

On a month-on-month basis, the Core Inflation rate was 2.54% in March 2024. It stood at 2.17% in February 2024, an increase of 0.37%. The average twelve-month annual inflation rate was 22.26% for the twelve months ending March 2024; this was 5.04% points higher than the 17.22% recorded in March 2023.

In March 2024, All Items inflation rate on a Year-on-Year basis was highest in Kogi (39.97%), Bauchi (38.34%), Kwara (38.10%), and Oyo (37.29%), while Borno (25.78%), Benue/Taraba (28.12%) and Katsina (28.32%) recorded the slowest rise in headline inflation.

On a Month-on-Month basis, however, March 2024 recorded the highest increases in Zamfara (3.90%), Abia (3.89%), Ondo (3.75%), while Borno (1.46%), Yobe (1.84%) and Adamawa (1.85%) recorded the slowest rise on Month-on-Month inflation.

Recall that barley one month of president Bola Ahmed Tinubu in office, he declared immediate State of Emergency on food insecurity to tackle the increase in food prices. As at the time the state of emergence was declared, the National Bureau of Statistics (NBS) said Nigeria’s annual inflation rate rose to 22.41 percent in May from 22.22percent.

The post Food Inflation Surges in Kogi 48.46%, Kwara 46.18%, Akwa Ibom 45.18% – NBS appeared first on Tech | Business | Economy.

The company announced temporary redundancy and shut down operations based on what it called  “unforeseen circumstances affecting our business operations.”

A memo addressed to its workers, titled, “Temporary Redundancy – Service Not Needed Till Further Notice,’’ JSM said all positions have been placed on temporary redundancy effective January 1, 2024.

However, it was gathered that the company had stopped production many months ago before it finally announced the end of operations on December 31, 2023 on the premise that it had to implement temporary measures to ensure the long-term sustainability of the company.

“We trust this message finds you in good health. It is with a heavy heart that we write to you today to communicate a challenging decision that Jubilee Syringe Manufacturing Company Limited has had to make due to unforeseen circumstances affecting our business operations.

“After careful consideration and a thorough evaluation of our current business situation, we regret to inform you that we must implement temporary measures to ensure the long-term sustainability of the company.

“Unfortunately, this includes placing all positions including yours on temporary redundancy effective January 1, 2024.

“We want to emphasise that this decision is not a reflection of your performance or dedication to the company. The challenging business environment we find ourselves in has compelled us to take these difficult steps,” the memo stated.

Recall that Akin Oyediran, the managing director of JSM, had said last year that the company secured a credit facility of $1 million, attributing it to the enabling environment the state government provided for the growth of the manufacturing sector.

“Not only have we come into this environment, we are also growing, we are doing other products. The company would in addition to syringes, manufacture gloves, masks and infusion sets.

“Our investors are investing one million dollars in the company because of the level playing field and the advantages provided by the state government,’’ Oyediran said.

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