According to the Customer Price Index report issued by the National Bureau of Statistics, there has so far been a 18.48% inflation rate increased coupled with an 13.9% hike of unemployment. NBS blamed the inflation hike on increase in housing cost, water bills, electricity, gas and clothing.
This record is said to have gone up by 0.15% from October's report of 18.33% inflation rate increase.
The Statistician General of the Federation and Chief Executive, NBS, Dr. Yemi Kale said in an interview that from all indications, Nigeria's economy is beginning to recover and government policies are beginning to yield results.
In the report, the bureau said the number of economically active people increased from 106.69 million in the second quarter to 108.03 million in the third quarter.It added that during the period, a total number of 554,311 fresh people out of those that joined the labour force were unemployed in the third quarter.This, according to the report, represents a 1.26 per cent increase over the previous quarter, and a 3.57 per cent increase when compared to the corresponding third quarter of 2015.The report read in part, “The number of underemployed in the labour force increased by 501,074 or 3.25 per cent, resulting in an increase in the underemployment rate from 19.3 per cent in Q2 2016 to 19.7 per cent (15.9 million persons) in Q3 2016.
“This is a marginal increase of 0.4 percentage points between quarters two and three of 2016, and shows a steady rise in the rate since Q3 of 2015.“During the reference period, the number of unemployed in the labour force increased by 554,311 persons, resulting in an increase in the national unemployment rate to 13.9 per cent in Q3 2016 from 13.3 per cent in Q2.”The report stated that unemployment and underemployment were highest for persons in the labour force between the ages of 15-24 and 25-34, which represented the youth population.
hmmmm.....
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