When people from a Country like Nigeria which we belong to experiences a thing like fuel scarcity, it bothers other people a lot. As people from Cross River and Akwa Ibom are crying for high petroleum and kerosene prices, we continue to ask "who will be blamed?"
Abuja – The National Bureau of Statistics (NBS), yesterday, Tuesday said that inflation rate stood at 10.5 per cent in October.
Dr Yemi Kale, the Statistician-General of the Federation announced this at a news conference in Abuja, saying that the figure was higher than the 10.3 per cent recorded in September.
Dr. Yemi said that all Items year-on-year average consumer price level for urban and rural dwellers rose by 7.8 per cent and 12.8 per cent, respectively.
He said that the urban All Items monthly index was -0.1 per cent in October against 1.4 per cent in September, while the rural index was 0.9 per cent in October compared with 1.4 per cent in September.
“The All Items Less Farm Produce’ index which excluded the prices of agricultural products increased by 1.1 per cent in October against 1.9 per cent in September,’’ the statistician-general said.
Kale said that the increase was mainly caused by rising prices of some household items, building materials, diesel and kerosene.
According to him, prices and weighting are the two basic parameters used to arrive at the CPI.
“The price data are collected for a sample of goods and services from a sample of sales outlets in a sample of locations for a sample of times.
“The weighting data are estimates of shares of the different types of expenditure in the total expenditure covered by the index’
“These weights are usually based upon expenditure data obtained from expenditure surveys for a sample of household or upon estimates of the composition of consumption expenditure in the National Income and Product Account, ’’ he said.
Kale said that 10,534 officers were used to collate data for the CPI monthly, and that 740 product specifications were priced across the rural and urban areas of the 36 states of the federation and the FCT.
He said the average price of each item was computed for each sector for each state and the FCT and used for index computation. (NAN)