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‎There are strong indications that President Muhammadu Buhari’s Economic Team, and the Central Bank of Nigeria, CBN, have been thrown off balance, following the Consumer Price Index, CPI, report, showing that inflation ‎for the month of November, rose by 18.48 percent.
According to the figure as released by the Nigerian Bureau of Statistic, NBS, the CPI report for the month of November, which was released on Thursday, December 14, indicated that ‎inflation rose by 0.15 percent, from 18.48 percent, higher than the 18.33 percent recorded in October.
The report blamed the rise in inflation rate, on increases recorded in the housing, water, electricity, gas and clothing materials.
Part of the reports reads: “The CPI which measures inflation, increased by 18.48 percent (year-on-year) in November 2016, 0.15 percentage points higher than the rate recorded in October (18.33 percent).
“‎During the month, the highest increases were seen in housing, water, electricity, gas and other fuels, clothing materials, books, liquid fuel passenger transport, motorcycles, and shoes.”
For the food sub-index, prices increased by 17.19 percent year-on-year in November, up by 0.10 percentage points, from the 17.09 percent recorded in October.

The urban index according to the report, rose by 20.07 percent year-on-year in November, from 19.91 percent recorded in October, while the rural index increased by 17.10 percent in November, from 16.95 percent in October.
Meanwhile, unemployment data showed that, ‎a total of 554,311 persons came into the unemployment bracket, within the third quarter of 2016.
The report also showed that 15.9 million Nigerians are underemployed, bringing the total number of those unemployed to 11.2 million, underemployed, 15.9 million, with a total of 27.12 million Nigerians.
“The economically active population, or working age population (persons within ages 15 and 64), increased from 106.69 million in Q2 2016, to 108.03 million.
“In Q3 2016, the labour force population (i.e those within the working age population willing, able, and actively looking for work), increased to 80.67 million, from 79.9 million in Q2 2016.
“Out of a total youth labour force population of 40.16 million (representing 49.7% of total labour force in Nigeria of 80.67 million), a total of 18.3 million of them were either unemployed, or underemployed in Q3 2016,” the NBS said.
Recall, that earlier reports revealed that 2.6 million Nigerians became unemployed in the first and second quarters of 2016.
The NBS, had initially revealed that ‎‎1.46 million Nigerians became unemployed in the third quarter of 2015, while another 518,102, were also unemployed in the fourth quarter of the same year.
This brings the total freshly unemployed persons in the economy, to a record high of 5,134,913, since the All Progressives Congress, APC, took office in May, 2015.

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