Connect with us

CPI

  •  The Civil Society Legislative Advocacy Centre CISLAC on Tuesday inaugurated 2022 anti corruption shadow report on progress towards Sustainable Development Goals SDGs 16 in Nigeria SDG 16 is about peace justice and strong institutions The UN correspondent of the News Agency of Nigeria reports that the SDGs Shadow Report 2022 was launched on the sidelines of 77th session of the United Nations General Assembly UNGA in New York Speaking on the Report the Executive Director of CISLAC Mr Auwal Rafsanjani said there were improvement in two indicators in 2022 in measuring SDG 16 as compared to three in 2021 and six in 2019 This improvement which can be seen in the policy areas of money laundering and asset recovery is attributed to the passage and assent into law of the Money Laundering Prevention and Prohibition Bill and Proceeds of Crime Management Bill in May 2022 The Money Laundering Prevention and Prohibition Act 2022 aims to strengthen the powers of relevant agencies in dealing with challenges posed by money laundering by expanding the scope of money laundering in the prevention prohibition detection prosecution and punishment of offenders The Proceeds of Crime Management Act 2022 aims to better manage recovered assets through the establishment of a central database as well as the establishment of directorates to manage recovered assets in various jurisdictions amongst other measures he explained However he said the lack of progress on other indicators could be attributed to three major factors including the worsening insecurity across Nigeria which raised concern amongst citizens Second factor he said was high level of corruption amidst an increase in national debt and the fights against tangible progress on the actions of the government against freedom of speech and freedom of the press As seen on to the 2021 Corruption Perception Index CPI released globally by Transparency International where Nigeria scored 24 out of 100 points which is its worst since 2012 when the methodology of the CPI was reformed Another area to be concerned about is Nigeria s revenue generation problem which has led to an enormous increase in borrowing Official data has shown that Nigeria had a revenue of N1 63 trillion in the first quarter of 2022 which was not even enough to pay the debt of the country for that quarter which was at N1 94 trillion he said On freedom of the press the official said the fining of some media houses in August 2022 for the airing of messages on the security situation speaks to this matter Similarly on the global Press Freedom Index PFI released by Reporters without Borders Nigeria fell nine places to 129180 on the 2022 PFI as against 120180 on the 2021 PFI Our position is that achieving the Sustainable Development Goals will become most challenging where there is no solution to the aforementioned challenges he said This edition provides insight for the delayed progress and stagnation under the SDG 16 targets and proffers recommendations where needed It is hopeful that these recommendations be followed through by the appropriate authorities to guarantee the protection of the lives and freedom of Nigerians as well as reduce corruption within the government He thanked the Transparency International for their technical and strategic support and the European Commission for providing support for the publication through the SANCUS project The Report which is the 5th edition of a series of annual shadow reports seeks to measure Nigeria s progress on SDG 16 specifically targets 16 4 which deals with anti money laundering SDG 16 5 which looks at beneficial ownership and 16 10 which looks at access to information This Report was prepared using a Transparency International global template which helps for cross chapter comparison amongst countries The Report was produced by CISLAC as Transparent International Nigeria under the project which seeks to improve democratic accountability of public institutions and anti corruption deficits by Strengthening Accountability Networks among Civil Society SANCUS which is supported by the European Union The Report is an updated assessment of the previous editions of the SDGs Shadow Report published by CISLAC in 2017 2019 2020 and 2021 The aim of the Report is to monitor and explore the progress within the agenda 2030 with the focus on the SDG 16 targets earlier mentioned 16 4 16 5 and 16 10 which have been analysed in depth The research encompasses over 14 policy areas and 76 indicators distinctly developed as part of the global Transparency International project of shadow reporting the official Voluntary National Reports VNRs prepared by the governments as a self assessment against the SDG goals NewsSourceCredit NAN
    UNGA 77: Nigeria makes slight progress on SDG 16 – Report
     The Civil Society Legislative Advocacy Centre CISLAC on Tuesday inaugurated 2022 anti corruption shadow report on progress towards Sustainable Development Goals SDGs 16 in Nigeria SDG 16 is about peace justice and strong institutions The UN correspondent of the News Agency of Nigeria reports that the SDGs Shadow Report 2022 was launched on the sidelines of 77th session of the United Nations General Assembly UNGA in New York Speaking on the Report the Executive Director of CISLAC Mr Auwal Rafsanjani said there were improvement in two indicators in 2022 in measuring SDG 16 as compared to three in 2021 and six in 2019 This improvement which can be seen in the policy areas of money laundering and asset recovery is attributed to the passage and assent into law of the Money Laundering Prevention and Prohibition Bill and Proceeds of Crime Management Bill in May 2022 The Money Laundering Prevention and Prohibition Act 2022 aims to strengthen the powers of relevant agencies in dealing with challenges posed by money laundering by expanding the scope of money laundering in the prevention prohibition detection prosecution and punishment of offenders The Proceeds of Crime Management Act 2022 aims to better manage recovered assets through the establishment of a central database as well as the establishment of directorates to manage recovered assets in various jurisdictions amongst other measures he explained However he said the lack of progress on other indicators could be attributed to three major factors including the worsening insecurity across Nigeria which raised concern amongst citizens Second factor he said was high level of corruption amidst an increase in national debt and the fights against tangible progress on the actions of the government against freedom of speech and freedom of the press As seen on to the 2021 Corruption Perception Index CPI released globally by Transparency International where Nigeria scored 24 out of 100 points which is its worst since 2012 when the methodology of the CPI was reformed Another area to be concerned about is Nigeria s revenue generation problem which has led to an enormous increase in borrowing Official data has shown that Nigeria had a revenue of N1 63 trillion in the first quarter of 2022 which was not even enough to pay the debt of the country for that quarter which was at N1 94 trillion he said On freedom of the press the official said the fining of some media houses in August 2022 for the airing of messages on the security situation speaks to this matter Similarly on the global Press Freedom Index PFI released by Reporters without Borders Nigeria fell nine places to 129180 on the 2022 PFI as against 120180 on the 2021 PFI Our position is that achieving the Sustainable Development Goals will become most challenging where there is no solution to the aforementioned challenges he said This edition provides insight for the delayed progress and stagnation under the SDG 16 targets and proffers recommendations where needed It is hopeful that these recommendations be followed through by the appropriate authorities to guarantee the protection of the lives and freedom of Nigerians as well as reduce corruption within the government He thanked the Transparency International for their technical and strategic support and the European Commission for providing support for the publication through the SANCUS project The Report which is the 5th edition of a series of annual shadow reports seeks to measure Nigeria s progress on SDG 16 specifically targets 16 4 which deals with anti money laundering SDG 16 5 which looks at beneficial ownership and 16 10 which looks at access to information This Report was prepared using a Transparency International global template which helps for cross chapter comparison amongst countries The Report was produced by CISLAC as Transparent International Nigeria under the project which seeks to improve democratic accountability of public institutions and anti corruption deficits by Strengthening Accountability Networks among Civil Society SANCUS which is supported by the European Union The Report is an updated assessment of the previous editions of the SDGs Shadow Report published by CISLAC in 2017 2019 2020 and 2021 The aim of the Report is to monitor and explore the progress within the agenda 2030 with the focus on the SDG 16 targets earlier mentioned 16 4 16 5 and 16 10 which have been analysed in depth The research encompasses over 14 policy areas and 76 indicators distinctly developed as part of the global Transparency International project of shadow reporting the official Voluntary National Reports VNRs prepared by the governments as a self assessment against the SDG goals NewsSourceCredit NAN
    UNGA 77: Nigeria makes slight progress on SDG 16 – Report
    Foreign2 weeks ago

    UNGA 77: Nigeria makes slight progress on SDG 16 – Report

    The Civil Society Legislative Advocacy Centre (CISLAC) on Tuesday inaugurated 2022 anti-corruption shadow report on progress towards Sustainable Development Goals (SDGs) 16 in Nigeria.

    SDG 16 is about peace, justice and strong institutions.

    The UN correspondent of the News Agency of Nigeria reports that the SDGs Shadow Report 2022 was launched on the sidelines of 77th session of the United Nations General Assembly (UNGA) in New York. Speaking on the Report, the Executive Director of CISLAC, Mr Auwal Rafsanjani, said there were improvement in two indicators in 2022 in measuring SDG 16 as compared to three in 2021 and six in 2019. “This improvement, which can be seen in the policy areas of money laundering and asset recovery, is attributed to the passage and assent into law of the Money Laundering (Prevention and Prohibition) Bill and Proceeds of Crime Management Bill in May 2022. “The Money Laundering (Prevention and Prohibition) Act 2022 aims to strengthen the powers of relevant agencies in dealing with challenges posed by money laundering by expanding the scope of money laundering in the prevention, prohibition, detection, prosecution and punishment of offenders.

    “The Proceeds of Crime Management Act 2022 aims to better manage recovered assets through the establishment of a central database as well as the establishment of directorates to manage recovered assets in various jurisdictions amongst other measures,’’ he explained.

    However, he said, the lack of progress on other indicators could be attributed to three major factors, including the worsening insecurity across Nigeria which raised concern amongst citizens.

    Second factor, he said, was high level of corruption amidst an increase in national debt and the fights against tangible progress on the actions of the government against freedom of speech and freedom of the press.

    “As seen on to the 2021 Corruption Perception Index (CPI) released globally by Transparency International where Nigeria scored 24 out of 100 points, which is its worst since 2012 when the methodology of the CPI was reformed.

    “Another area to be concerned about is Nigeria’s revenue generation problem which has led to an enormous increase in borrowing.

    “Official data has shown that Nigeria had a revenue of N1.63 trillion in the first quarter of 2022, which was not even enough to pay the debt of the country for that quarter which was at N1.94 trillion,’’ he said.

    On freedom of the press, the official said the fining of some media houses in August 2022 for the airing of messages on the security situation speaks to this matter.

    Similarly, on the global Press Freedom Index (PFI) released by Reporters without Borders, Nigeria fell nine places to 129180 on the 2022 PFI as against 120180 on the 2021 PFI.

    “Our position is that achieving the Sustainable Development Goals will become most challenging where there is no solution to the aforementioned challenges,’’ he said.

    This edition provides insight for the delayed progress and stagnation under the SDG 16 targets and proffers recommendations where needed.

    It is hopeful that these recommendations be followed through by the appropriate authorities to guarantee the protection of the lives and freedom of Nigerians as well as reduce corruption within the government.

    He thanked the Transparency International for their technical and strategic support and the European Commission for providing support for the publication through the SANCUS project.

    The Report, which is the 5th edition of a series of annual shadow reports, seeks to measure Nigeria’s progress on SDG 16, specifically targets 16.4 which deals with anti-money laundering.

    SDG 16.5 which looks at beneficial ownership and 16.10 which looks at access to information.

    This Report was prepared using a Transparency International global template which helps for cross chapter comparison amongst countries.

    The Report was produced by CISLAC as Transparent International Nigeria under the project which seeks to improve democratic accountability of public institutions and anti-corruption deficits by Strengthening Accountability Networks among Civil Society (SANCUS), which is supported by the European Union.

    The Report is an updated assessment of the previous editions of the SDGs Shadow Report published by CISLAC in 2017, 2019, 2020 and 2021. The aim of the Report is to monitor and explore the progress within the agenda 2030 with the focus on the SDG 16 targets earlier mentioned (16.4; 16.5 and 16.10) which have been analysed in depth.

    The research encompasses over 14 policy areas and 76 indicators distinctly developed as part of the global Transparency International project of ‘shadow reporting’ the official Voluntary National Reports (VNRs) prepared by the governments as a self-assessment against the SDG goals.


    NewsSourceCredit: NAN

  •  The National Bureau of Statistics NBS has begun training of its staff on food balance sheet in a bid to provide data on the demand and supply of food Prince Semiu Adeniran the Statistician General of the Federation and Chief Executive Officer NBS said this on the sidelines of the training on Public Sector Management and Food Balance Sheet organised by the organisation in Abuja on Wednesday Adeniran said the training was designed for members of staff of the NBS to help them estimate the supply and demand of all types of food in the country This training will help us to come up with accurate data that can inform the government on the availability of food Also on whether there is any need for us to import any particular type of food item or whether we have all our food requirements in the right quantity that is needed He said the training would also complement the analysis that the bureau would carry out for the annual agricultural sample census which was ongoing As you are aware we are presently in the field doing the listing of all farmers in the country through all the 774 local governments After the listing of farmers we will do a sampling of them and collect survey to get information on the type of crops they grow livestock poultry fishing and the production that comes from their farming activities So when we are doing the analysis of that survey this training will help us a lot in coming out with a robust report that the government can use for policies and decision making Adeniran said the second training was on public sector management for staff of the bureau According to him we feel that they have grown up in the system and there is a need to build their capacity to conduct public administration properly for government officials Speaking on the recent Consumer Price Index CPI Report Adeniran said the bureau was working with the Central Bank of Nigeria CBN to get the CPI re based According to him it is also to ensure that some food products captured in the report will have appropriate weights The statistician general said he was hopeful that by the end of the year or early 2023 the CPI will be rebased For the Gross Domestic Product GDP Report this ongoing major agriculture sample census will be a major input to the rebasing of the GDP together with other surveys we have done like the national business sample census as well as other administrative sources of data So by the end of the year we are hoping that the GDP will be rebased as well Mr Ayo Salami the Managing Director COINMARK International Limited said the focus of the training was to expose participants to the methodology regarding the preparation of food balance sheets Salami said FBS was a tool that depicts the overall trend in national food supply and demand and exposes any food deficits that may necessitate imports He said the FBS was useful in carrying out an appraisal to establish the food situation in any country through estimations and projections Without accurate data for food production and utilisation this government and any other successive government cannot properly plan to make provision for food sufficiency which has been the primary dream of President Muhammadu Buhari He said to take Nigerians out of hunger the application of FBS was germane and essential for sustainable food security The food balance sheet provides a sound basis for the policy analysis and decision making needed to ensure food security It is therefore suggestable that the Federal Government should establish through an Act of Parliament a National Standing Committee or National Food Balance Sheet Forum Salami also recommended the creation of a Nigeria National Food Balance Sheet Standing Committee chaired and coordinated by the Statistician General of the Federation He said the membership of this committee should be drawn from the Ministries of Agriculture Livestock and Fisheries Agencies Agricultural Research Institutes CBN and universities Salami said the application and effective use of FBS will enhance the capacity of the government to diversify exports and increase its ability to earn forex He commended the effort of the Federal Government and particularly that of the security agencies in stemming the tides of insecurity adding that a lot more needed to be done in that regard Except government takes more drastic steps in addressing national security threats including terrorism social unrests banditry kidnapping political and ethnic strives achieving food security will be a mirage The News Agency of Nigeria reports that COINMAC is a veteran trainer noted globally for excellent service delivery in the areas of statistical services human resources development consultancy information technology and high quality research Bitrus Chinoko the Director General Centre for Management Development CMD said the training was designed to equip the members of staff of NBS with requisite procedures in NBS and to explain the public service rules and financial regulations Chinoko represented by Dorothy Esiri a Director at the centre said that it would help them develop skills to manage relationships and communicate effectively in their schedules According to him the training will also equip them with managerial skills and personal effectiveness when conducting government business Chinoko said it was necessary to invest in good public sector management for the sustainability of government agencies NewsSourceCredit NAN
    NBS trains staff on food balance sheet for data availability
     The National Bureau of Statistics NBS has begun training of its staff on food balance sheet in a bid to provide data on the demand and supply of food Prince Semiu Adeniran the Statistician General of the Federation and Chief Executive Officer NBS said this on the sidelines of the training on Public Sector Management and Food Balance Sheet organised by the organisation in Abuja on Wednesday Adeniran said the training was designed for members of staff of the NBS to help them estimate the supply and demand of all types of food in the country This training will help us to come up with accurate data that can inform the government on the availability of food Also on whether there is any need for us to import any particular type of food item or whether we have all our food requirements in the right quantity that is needed He said the training would also complement the analysis that the bureau would carry out for the annual agricultural sample census which was ongoing As you are aware we are presently in the field doing the listing of all farmers in the country through all the 774 local governments After the listing of farmers we will do a sampling of them and collect survey to get information on the type of crops they grow livestock poultry fishing and the production that comes from their farming activities So when we are doing the analysis of that survey this training will help us a lot in coming out with a robust report that the government can use for policies and decision making Adeniran said the second training was on public sector management for staff of the bureau According to him we feel that they have grown up in the system and there is a need to build their capacity to conduct public administration properly for government officials Speaking on the recent Consumer Price Index CPI Report Adeniran said the bureau was working with the Central Bank of Nigeria CBN to get the CPI re based According to him it is also to ensure that some food products captured in the report will have appropriate weights The statistician general said he was hopeful that by the end of the year or early 2023 the CPI will be rebased For the Gross Domestic Product GDP Report this ongoing major agriculture sample census will be a major input to the rebasing of the GDP together with other surveys we have done like the national business sample census as well as other administrative sources of data So by the end of the year we are hoping that the GDP will be rebased as well Mr Ayo Salami the Managing Director COINMARK International Limited said the focus of the training was to expose participants to the methodology regarding the preparation of food balance sheets Salami said FBS was a tool that depicts the overall trend in national food supply and demand and exposes any food deficits that may necessitate imports He said the FBS was useful in carrying out an appraisal to establish the food situation in any country through estimations and projections Without accurate data for food production and utilisation this government and any other successive government cannot properly plan to make provision for food sufficiency which has been the primary dream of President Muhammadu Buhari He said to take Nigerians out of hunger the application of FBS was germane and essential for sustainable food security The food balance sheet provides a sound basis for the policy analysis and decision making needed to ensure food security It is therefore suggestable that the Federal Government should establish through an Act of Parliament a National Standing Committee or National Food Balance Sheet Forum Salami also recommended the creation of a Nigeria National Food Balance Sheet Standing Committee chaired and coordinated by the Statistician General of the Federation He said the membership of this committee should be drawn from the Ministries of Agriculture Livestock and Fisheries Agencies Agricultural Research Institutes CBN and universities Salami said the application and effective use of FBS will enhance the capacity of the government to diversify exports and increase its ability to earn forex He commended the effort of the Federal Government and particularly that of the security agencies in stemming the tides of insecurity adding that a lot more needed to be done in that regard Except government takes more drastic steps in addressing national security threats including terrorism social unrests banditry kidnapping political and ethnic strives achieving food security will be a mirage The News Agency of Nigeria reports that COINMAC is a veteran trainer noted globally for excellent service delivery in the areas of statistical services human resources development consultancy information technology and high quality research Bitrus Chinoko the Director General Centre for Management Development CMD said the training was designed to equip the members of staff of NBS with requisite procedures in NBS and to explain the public service rules and financial regulations Chinoko represented by Dorothy Esiri a Director at the centre said that it would help them develop skills to manage relationships and communicate effectively in their schedules According to him the training will also equip them with managerial skills and personal effectiveness when conducting government business Chinoko said it was necessary to invest in good public sector management for the sustainability of government agencies NewsSourceCredit NAN
    NBS trains staff on food balance sheet for data availability
    Economy1 month ago

    NBS trains staff on food balance sheet for data availability

    The National Bureau of Statistics (NBS), has begun training of its staff on food balance sheet in a bid to provide data on the demand and supply of food.

    Prince Semiu Adeniran, the Statistician-General of the Federation and Chief Executive Officer, NBS, said this on the sidelines of the training on Public Sector Management and Food Balance Sheet organised by the organisation in Abuja on Wednesday.

    Adeniran said the training was designed for members of staff of the NBS to help them estimate the supply and demand of all types of food in the country.

    “This training will help us to come up with accurate data that can inform the government on the availability of food.

    “Also on whether there is any need for us to import any particular type of food item or whether we have all our food requirements in the right quantity that is needed.

    ” He said the training would also complement the analysis that the bureau would carry out for the annual agricultural sample census, which was ongoing.

    “As you are aware, we are presently in the field doing the listing of all farmers in the country through all the 774 local governments.

    “After the listing of farmers, we will do a sampling of them and collect survey to get information on the type of crops they grow, livestock; poultry, fishing and the production that comes from their farming activities.

    ” So when we are doing the analysis of that survey, this training will help us a lot in coming out with a robust report that the government can use for policies and decision making.

    ” Adeniran said the second training was on public sector management for staff of the bureau.

    According to him, we feel that they have grown up in the system and there is a need to build their capacity to conduct public administration properly for government officials.

    Speaking on the recent Consumer Price Index (CPI) Report, Adeniran said the bureau was working with the Central Bank of Nigeria (CBN) to get the CPI re based.

    According to him, it is also to ensure that some food products captured in the report will have appropriate weights.

    The statistician-general said he was hopeful that by the end of the year or early 2023, the CPI will be rebased.

    “For the Gross Domestic Product (GDP) Report, this ongoing major agriculture sample census will be a major input to the rebasing of the GDP together with other surveys we have done, like the national business sample census as well as other administrative sources of data.

    ” So by the end of the year, we are hoping that the GDP will be rebased as well.

    ” Mr Ayo Salami, the Managing Director, COINMARK International Limited, said the focus of the training was to expose participants to the methodology regarding the preparation of food balance sheets.

    Salami said FBS was a tool that depicts the overall trend in national food supply and demand and exposes any food deficits that may necessitate imports.

    He said the FBS was useful in carrying out an appraisal to establish the food situation in any country through estimations and projections.

    “Without accurate data for food production and utilisation, this government and any other successive government cannot properly plan to make provision for food sufficiency which has been the primary dream of President Muhammadu Buhari.

    * He said to take Nigerians out of hunger, the application of FBS was germane and essential for sustainable food security.

    “The food balance sheet provides a sound basis for the policy analysis and decision-making needed to ensure food security.

    ” It is, therefore, suggestable that the Federal Government should establish through an Act of Parliament a National Standing Committee or National Food Balance Sheet Forum.

    Salami also recommended the creation of a Nigeria National Food Balance Sheet Standing Committee chaired and coordinated by the Statistician-General of the Federation.

    He said the membership of this committee should be drawn from the Ministries of Agriculture, Livestock and Fisheries Agencies; Agricultural Research Institutes, CBN and universities.

    Salami said the application and effective use of FBS will enhance the capacity of the government to diversify exports and increase its ability to earn forex.

    He commended the effort of the Federal Government and particularly that of the security agencies in stemming the tides of insecurity, adding that a lot more needed to be done in that regard.

    “Except government takes more drastic steps in addressing national security threats including terrorism, social unrests, banditry, kidnapping, political and ethnic strives, achieving food security will be a mirage.

    ” The News Agency of Nigeria reports that COINMAC is a veteran trainer noted globally for excellent service delivery in the areas of statistical services, human resources development, consultancy, information technology and high-quality research.

    Bitrus Chinoko, the Director-General, Centre for Management Development(CMD), said the training was designed to equip the members of staff of NBS with requisite procedures in NBS and to explain the public service rules and financial regulations.

    Chinoko, represented by Dorothy Esiri, a Director at the centre, said that it would help them develop skills to manage relationships and communicate effectively in their schedules.

    According to him, the training will also equip them with managerial skills and personal effectiveness when conducting government business.

    Chinoko said it was necessary to invest in good public sector management for the sustainability of government agencies.


    NewsSourceCredit: NAN

  •   British inflation surged to a new 40 year high in July on rising food prices official data showed Wednesday adding to a cost of living crisis as the country faces the prospect of recession The Consumer Prices Index CPI accelerated to 10 1 percent last month from 9 4 percent in June the Office of National Statistics said The Bank of England warned earlier this month that inflation will climb to just over 13 percent this year the highest level since 1980 It also projected that the country would enter a recession that would last until late 2023 The central bank raised its key rate by 0 50 percentage points to 1 75 percent at its last policy meeting the biggest hike since 1995 The BoE move mirrors aggressive monetary policy from the US Federal Reserve and the European Central Bank last month as the world races to cool red hot inflation that has been fuelled by Russia s invasion of Ukraine The UK s statistics office said the largest movements in the CPI in July came from food Bread and cereals were the largest contributors to the rise in food prices followed by milk cheese and eggs
    UK inflation jumps to new 40-year high
      British inflation surged to a new 40 year high in July on rising food prices official data showed Wednesday adding to a cost of living crisis as the country faces the prospect of recession The Consumer Prices Index CPI accelerated to 10 1 percent last month from 9 4 percent in June the Office of National Statistics said The Bank of England warned earlier this month that inflation will climb to just over 13 percent this year the highest level since 1980 It also projected that the country would enter a recession that would last until late 2023 The central bank raised its key rate by 0 50 percentage points to 1 75 percent at its last policy meeting the biggest hike since 1995 The BoE move mirrors aggressive monetary policy from the US Federal Reserve and the European Central Bank last month as the world races to cool red hot inflation that has been fuelled by Russia s invasion of Ukraine The UK s statistics office said the largest movements in the CPI in July came from food Bread and cereals were the largest contributors to the rise in food prices followed by milk cheese and eggs
    UK inflation jumps to new 40-year high
    Foreign2 months ago

    UK inflation jumps to new 40-year high

    British inflation surged to a new 40-year high in July on rising food prices, official data showed Wednesday, adding to a cost-of-living crisis as the country faces the prospect of recession.

    The Consumer Prices Index (CPI) accelerated to 10.

    1 percent last month from 9.

    4 percent in June, the Office of National Statistics said.

    The Bank of England warned earlier this month that inflation will climb to just over 13 percent this year, the highest level since 1980.

    It also projected that the country would enter a recession that would last until late 2023.

    The central bank raised its key rate by 0.

    50 percentage points to 1.

    75 percent at its last policy meeting, the biggest hike since 1995.

    The BoE move mirrors aggressive monetary policy from the US Federal Reserve and the European Central Bank last month, as the world races to cool red-hot inflation that has been fuelled by Russia’s invasion of Ukraine.

    The UK’s statistics office said the “largest movements” in the CPI in July came from food.

    Bread and cereals were the largest contributors to the rise in food prices, followed by milk, cheese and eggs.

  •   British workers to face record pay slump against surging inflation British workers to face record pay slump against surging inflation Pay slump London Aug 16 British workers saw their pay lag behind inflation at record levels over the past quarter according to official figures The Office for National Statistics ONS said regular pay excluding bonuses grew by 4 7 per cent over the three months to June Analysts had predicted that wages would increase by 4 5 per cent It comes after CPI inflation hit a new 40 year record of 9 4 per cent in June and is expected to peak at around 11 per cent later this year The ONS said this resulted in a 4 1 per cent drop in regular pay for employees once CPI inflation is taken into account representing the biggest slump since records began in 2001 Official figures also showed that the number of UK workers on payrolls rose by 73 000 between June and July to 29 7 million Meanwhile the unemployment rate increased to 3 8 per cent for the quarter compared with 3 7 per cent for the previous period The number of people in work grew in the second quarter of 2022 whilst the headline rates of unemployment and of people neither working nor looking for a job were little changed Meanwhile the total number of hours worked each week appears to have stabilised very slightly below pre pandemic levels Redundancies are still at very low levels However although the number of job vacancies remains historically very high it fell for the first time since the summer of 2020 ONS director of economic statistics Darren Morgan said Vacancy numbers hit 1 274 million over the three months from May to July slipping by 19 800 in the first signal the UK s hot labour market could be cooling Chancellor Nadhim Zahawi said Today s stats demonstrate that the jobs market is in a strong position with unemployment lower than at almost any point in the past 40 years good news in what I know are difficult times for people This highlights the resilience of the UK economy and the fantastic businesses who are creating new jobs across the country www nannews ng NewsSourceCredit NAN
    British workers to face record pay slump against surging inflation
      British workers to face record pay slump against surging inflation British workers to face record pay slump against surging inflation Pay slump London Aug 16 British workers saw their pay lag behind inflation at record levels over the past quarter according to official figures The Office for National Statistics ONS said regular pay excluding bonuses grew by 4 7 per cent over the three months to June Analysts had predicted that wages would increase by 4 5 per cent It comes after CPI inflation hit a new 40 year record of 9 4 per cent in June and is expected to peak at around 11 per cent later this year The ONS said this resulted in a 4 1 per cent drop in regular pay for employees once CPI inflation is taken into account representing the biggest slump since records began in 2001 Official figures also showed that the number of UK workers on payrolls rose by 73 000 between June and July to 29 7 million Meanwhile the unemployment rate increased to 3 8 per cent for the quarter compared with 3 7 per cent for the previous period The number of people in work grew in the second quarter of 2022 whilst the headline rates of unemployment and of people neither working nor looking for a job were little changed Meanwhile the total number of hours worked each week appears to have stabilised very slightly below pre pandemic levels Redundancies are still at very low levels However although the number of job vacancies remains historically very high it fell for the first time since the summer of 2020 ONS director of economic statistics Darren Morgan said Vacancy numbers hit 1 274 million over the three months from May to July slipping by 19 800 in the first signal the UK s hot labour market could be cooling Chancellor Nadhim Zahawi said Today s stats demonstrate that the jobs market is in a strong position with unemployment lower than at almost any point in the past 40 years good news in what I know are difficult times for people This highlights the resilience of the UK economy and the fantastic businesses who are creating new jobs across the country www nannews ng NewsSourceCredit NAN
    British workers to face record pay slump against surging inflation
    Foreign2 months ago

    British workers to face record pay slump against surging inflation

    British workers to face record pay slump against surging inflation British workers to face record pay slump against surging inflation Pay-slump London, Aug. 16 British workers saw their pay lag behind inflation at record levels over the past quarter, according to official figures.

    The Office for National Statistics (ONS) said regular pay, excluding bonuses, grew by 4.7 per cent over the three months to June. Analysts had predicted that wages would increase by 4.5 per cent.

    It comes after CPI inflation hit a new 40-year record of 9.4 per cent in June and is expected to peak at around 11 per cent later this year.

    The ONS said this resulted in a 4.1 per cent drop in regular pay for employees once CPI inflation is taken into account, representing the biggest slump since records began in 2001. Official figures also showed that the number of UK workers on payrolls rose by 73,000 between June and July to 29.7 million.

    Meanwhile, the unemployment rate increased to 3.8 per cent for the quarter compared with 3.7 per cent for the previous period.

    “The number of people in work grew in the second quarter of 2022, whilst the headline rates of unemployment and of people neither working nor looking for a job were little changed.

    “Meanwhile, the total number of hours worked each week appears to have stabilised very slightly below pre-pandemic levels.

    “Redundancies are still at very low levels.

    “However, although the number of job vacancies remains historically very high, it fell for the first time since the summer of 2020,’’ ONS director of economic statistics Darren Morgan said.

    Vacancy numbers hit 1.274 million over the three months from May to July, slipping by 19,800 in the first signal the UK’s hot labour market could be cooling.

    Chancellor Nadhim Zahawi said: “Today’s stats demonstrate that the jobs market is in a strong position, with unemployment lower than at almost any point in the past 40 years good news in what I know are difficult times for people.

    “This highlights the resilience of the UK economy and the fantastic businesses who are creating new jobs across the country.

    ’’ (www.

    nannews.

    ng)
    NewsSourceCredit: NAN

  •  US inflation eased slightly in July according to official data Wednesday potentially taking pressure off the Federal Reserve to hike interest rates sharply while bringing a much needed boost to President Joe Biden just months before crucial midterm elections With energy costs dropping in recent weeks the consumer price index dipped to an annual rate of 8 5 percent last month the Labor Department reported lower than markets were projecting Fueled by aggressive consumer spending of pandemic savings global supply chain snarls domestic worker shortages and Russia s war on Ukraine inflation soared 9 1 percent on year in June the highest in 40 years But the CPI was unchanged compared to June a dramatic shift from the big increase in the prior month and defying expectations of a modest rise Today we received news that our economy had zero percent inflation in the month of July Zero percent Biden said at a White House event We are seeing signs that inflation may be beginning to moderate he said although he acknowledged that the global challenges remain and the economy could face additional headwinds When volatile food and energy prices are excluded from the calculation the so called core CPI rate rose just 0 3 percent the smallest in four months according to the report Soaring prices have continued to climb in the United States squeezing family budgets and by extension Biden s popularity Biden s opponents accuse the president of precipitating inflation with a gigantic 1 9 trillion coronavirus relief package enacted in March last year shortly after assuming office And Republicans renewed their criticism of Biden s economic policy warning that Sunday s passage in the Senate of his massive climate and health care bill titled the Inflation Reduction Act would do the opposite of its stated purpose But the president said his economic policies are working In addition to cooling inflation jobs are booming and wages are rising That s what happens when you build an economy from the bottom up from the middle out he said Our work is far from over but the economic plan is working Devil in the details Still the devil is in the details Economists caution against taking too much solace from a single good report and they worry that the inflation slowdown linked to the drop in gasoline prices could be outweighed by rising rent and real estate prices The question now facing Washington is whether it will be possible to bring inflation down without plunging the world s largest economy into recession after two quarters of economic contraction in the first half of the year In a bid to tamp down inflation the Fed has already hiked the interest rate four times to a range of 2 25 to 2 5 percent including two consecutive 75 basis point increases Fed officials have made it clear that a third jumbo rate increase remains on the table at next month s policy meeting One month s data is too volatile to call a peak in inflation said Joseph Gagnon of the Peterson Institute for International Economics If August data are the same it takes 75 basis points off the table for September Gagnon a former Fed economist said on Twitter Wall Street soared in early trading with the benchmark Dow gaining nearly 500 points But the robust jobs market which pushed the July unemployment rate to the pre pandemic level of 3 5 percent has a downside There are still nearly two jobs open for every available worker and labor costs have risen sharply which pushes wages up and fuels more inflation Rubeela Farooqi of High Frequency Economics cautioned that despite the slower pace of increases last month prices remain uncomfortably high Coupled with strength in job growth and wages the data support the case for another aggressive rate hike in September she said in an analysis
    US inflation eases in July amid falling oil prices
     US inflation eased slightly in July according to official data Wednesday potentially taking pressure off the Federal Reserve to hike interest rates sharply while bringing a much needed boost to President Joe Biden just months before crucial midterm elections With energy costs dropping in recent weeks the consumer price index dipped to an annual rate of 8 5 percent last month the Labor Department reported lower than markets were projecting Fueled by aggressive consumer spending of pandemic savings global supply chain snarls domestic worker shortages and Russia s war on Ukraine inflation soared 9 1 percent on year in June the highest in 40 years But the CPI was unchanged compared to June a dramatic shift from the big increase in the prior month and defying expectations of a modest rise Today we received news that our economy had zero percent inflation in the month of July Zero percent Biden said at a White House event We are seeing signs that inflation may be beginning to moderate he said although he acknowledged that the global challenges remain and the economy could face additional headwinds When volatile food and energy prices are excluded from the calculation the so called core CPI rate rose just 0 3 percent the smallest in four months according to the report Soaring prices have continued to climb in the United States squeezing family budgets and by extension Biden s popularity Biden s opponents accuse the president of precipitating inflation with a gigantic 1 9 trillion coronavirus relief package enacted in March last year shortly after assuming office And Republicans renewed their criticism of Biden s economic policy warning that Sunday s passage in the Senate of his massive climate and health care bill titled the Inflation Reduction Act would do the opposite of its stated purpose But the president said his economic policies are working In addition to cooling inflation jobs are booming and wages are rising That s what happens when you build an economy from the bottom up from the middle out he said Our work is far from over but the economic plan is working Devil in the details Still the devil is in the details Economists caution against taking too much solace from a single good report and they worry that the inflation slowdown linked to the drop in gasoline prices could be outweighed by rising rent and real estate prices The question now facing Washington is whether it will be possible to bring inflation down without plunging the world s largest economy into recession after two quarters of economic contraction in the first half of the year In a bid to tamp down inflation the Fed has already hiked the interest rate four times to a range of 2 25 to 2 5 percent including two consecutive 75 basis point increases Fed officials have made it clear that a third jumbo rate increase remains on the table at next month s policy meeting One month s data is too volatile to call a peak in inflation said Joseph Gagnon of the Peterson Institute for International Economics If August data are the same it takes 75 basis points off the table for September Gagnon a former Fed economist said on Twitter Wall Street soared in early trading with the benchmark Dow gaining nearly 500 points But the robust jobs market which pushed the July unemployment rate to the pre pandemic level of 3 5 percent has a downside There are still nearly two jobs open for every available worker and labor costs have risen sharply which pushes wages up and fuels more inflation Rubeela Farooqi of High Frequency Economics cautioned that despite the slower pace of increases last month prices remain uncomfortably high Coupled with strength in job growth and wages the data support the case for another aggressive rate hike in September she said in an analysis
    US inflation eases in July amid falling oil prices
    Foreign2 months ago

    US inflation eases in July amid falling oil prices

    US inflation eased slightly in July, according to official data Wednesday, potentially taking pressure off the Federal Reserve to hike interest rates sharply while bringing a much-needed boost to President Joe Biden just months before crucial midterm elections.

    With energy costs dropping in recent weeks, the consumer price index dipped to an annual rate of 8.

    5 percent last month, the Labor Department reported, lower than markets were projecting.

    Fueled by aggressive consumer spending of pandemic savings, global supply chain snarls, domestic worker shortages and Russia’s war on Ukraine, inflation soared 9.

    1 percent on-year in June, the highest in 40 years.

    But the CPI was unchanged compared to June, a dramatic shift from the big increase in the prior month and defying expectations of a modest rise.

    “Today we received news that our economy had zero percent inflation in the month of July. Zero percent,” Biden said at a White House event.

    “We are seeing signs that inflation may be beginning to moderate,” he said, although he acknowledged that the global challenges remain and the economy could face “additional headwinds.

    ”When volatile food and energy prices are excluded from the calculation, the so-called core CPI rate rose just 0.

    3 percent — the smallest in four months, according to the report.

    Soaring prices have continued to climb in the United States, squeezing family budgets and, by extension, Biden’s popularity.

    Biden’s opponents accuse the president of precipitating inflation with a gigantic $1.

    9 trillion coronavirus relief package, enacted in March last year shortly after assuming office.

    And Republicans renewed their criticism of Biden’s economic policy, warning that Sunday’s passage in the Senate of his massive climate and health care bill titled the “Inflation Reduction Act,” would do the opposite of its stated purpose.

    But the president said his economic policies are working.

    In addition to cooling inflation “jobs are booming” and wages are rising “That’s what happens when you build an economy from the bottom up from the middle out,” he said “Our work is far from over… (but) the economic plan is working.

    ” – Devil in the details –Still, the devil is in the details.

    Economists caution against taking too much solace from a single good report, and they worry that the inflation slowdown linked to the drop in gasoline prices could be outweighed by rising rent and real estate prices.

    The question now facing Washington is whether it will be possible to bring inflation down without plunging the world’s largest economy into recession, after two quarters of economic contraction in the first half of the year.

    In a bid to tamp down inflation, the Fed has already hiked the interest rate four times to a range of 2.

    25 to 2.

    5 percent, including two consecutive 75-basis-point increases.

    Fed officials have made it clear that a third jumbo rate increase remains on the table at next month’s policy meeting.

    “One month’s data is too volatile to call a peak in inflation,” said Joseph Gagnon of the Peterson Institute for International Economics.

    “If August data are the same, it takes 75 basis points off the table for September,” Gagnon, a former Fed economist, said on Twitter.

    Wall Street soared in early trading, with the benchmark Dow gaining nearly 500 points.

    But the robust jobs market, which pushed the July unemployment rate to the pre-pandemic level of 3.

    5 percent, has a downside.

    There are still nearly two jobs open for every available worker, and labor costs have risen sharply, which pushes wages up and fuels more inflation.

    Rubeela Farooqi of High-Frequency Economics cautioned that despite the slower pace of increases last month, “prices remain uncomfortably high.

    ” “Coupled with strength in job growth and wages, the data support the case for another aggressive rate hike in September,” she said in an analysis.

  •  The Bank of England unleashed Thursday its biggest interest rate hike since 1995 as it forecast inflation topping 13 percent this year and warned of a looming year long recession and forecast inflation will top 13 percent this year sparking a year long recession in Britain The bank s Monetary Policy Committee voted 8 1 in favour of lifting its key interest rate by 0 50 percentage points to 1 75 percent The increase tallied with expectations and took borrowing costs to the highest level since December 2008 The move also mirrors aggressive monetary policy from the US Federal Reserve and the European Central Bank last month as the world races to cool red hot inflation that has been fuelled by Russia s invasion of Ukraine It also ramps up loan repayments for UK consumers and businesses who are already facing a squeeze from a worsening cost of living crisis Inflation intensifying UK inflation is set to peak at 13 percent or the highest level in more than 42 years according to the BoE Inflationary pressures in the United Kingdom and the rest of Europe have intensified significantly since May read a statement after the decision That largely reflects a near doubling in wholesale gas prices since May owing to Russia s restriction of gas supplies to Europe and the risk of further curbs As this feeds through to retail energy prices it will exacerbate the fall in real incomes for UK households and further increase UK CPI inflation in the near term In more grim news the BoE predicted the UK economy would enter a painful recession that will last until late 2023 GDP growth in the United Kingdom is slowing the BoE said The latest rise in gas prices has led to another significant deterioration in the outlook for activity in the United Kingdom and the rest of Europe The United Kingdom is now projected to enter recession from the fourth quarter of this year However the recession will be shallower than the 2008 crash that was sparked by the global financial crisis The UK economy is expected to shrink by up to 2 1 percent in size from its highest point according to the central bank s forecast UK inflation had already jumped to a four decade high of 9 4 percent in June deepening the cost of living crisis as workers wages fail to keep pace Global inflation is surging as energy prices continue to rocket on key gas and oil producer Russia s war on neighbouring Ukraine Consumer prices have also rocketed on supply chain strains as demand rebounds on the easing of Covid restrictions That has forced central banks to raise interest rates risking the prospect of recession as higher borrowing costs hurt businesses and consumers Challenging winter ahead Inflation is also running at a 40 year peak of 9 1 percent in the United States and a record high of 8 6 percent in the eurozone The Fed in July delivered its second straight 0 75 percentage point increase in what economists have called the most aggressive Fed tightening cycle since the 1980s The European Central Bank then surprised markets last month with a bigger than expected 0 50 percentage point hike bringing an end to the era of negative interest rates in the eurozone Policymakers are anxious to quell inflation before it becomes dangerously entrenched and sparks a prolonged economic downturn Added to the picture in Britain energy regulator Ofgem is due to ramp up domestic electricity and gas prices again in October ahead of the colder northern hemisphere winter That could take the average UK household energy bill well above 3 000 3 600 per year Ofgem warned Thursday that Britons face a very challenging winter ahead adding its so called energy price cap will now be reviewed every quarter instead of every six months
    Bank of England delivers biggest rate hike in 27 years
     The Bank of England unleashed Thursday its biggest interest rate hike since 1995 as it forecast inflation topping 13 percent this year and warned of a looming year long recession and forecast inflation will top 13 percent this year sparking a year long recession in Britain The bank s Monetary Policy Committee voted 8 1 in favour of lifting its key interest rate by 0 50 percentage points to 1 75 percent The increase tallied with expectations and took borrowing costs to the highest level since December 2008 The move also mirrors aggressive monetary policy from the US Federal Reserve and the European Central Bank last month as the world races to cool red hot inflation that has been fuelled by Russia s invasion of Ukraine It also ramps up loan repayments for UK consumers and businesses who are already facing a squeeze from a worsening cost of living crisis Inflation intensifying UK inflation is set to peak at 13 percent or the highest level in more than 42 years according to the BoE Inflationary pressures in the United Kingdom and the rest of Europe have intensified significantly since May read a statement after the decision That largely reflects a near doubling in wholesale gas prices since May owing to Russia s restriction of gas supplies to Europe and the risk of further curbs As this feeds through to retail energy prices it will exacerbate the fall in real incomes for UK households and further increase UK CPI inflation in the near term In more grim news the BoE predicted the UK economy would enter a painful recession that will last until late 2023 GDP growth in the United Kingdom is slowing the BoE said The latest rise in gas prices has led to another significant deterioration in the outlook for activity in the United Kingdom and the rest of Europe The United Kingdom is now projected to enter recession from the fourth quarter of this year However the recession will be shallower than the 2008 crash that was sparked by the global financial crisis The UK economy is expected to shrink by up to 2 1 percent in size from its highest point according to the central bank s forecast UK inflation had already jumped to a four decade high of 9 4 percent in June deepening the cost of living crisis as workers wages fail to keep pace Global inflation is surging as energy prices continue to rocket on key gas and oil producer Russia s war on neighbouring Ukraine Consumer prices have also rocketed on supply chain strains as demand rebounds on the easing of Covid restrictions That has forced central banks to raise interest rates risking the prospect of recession as higher borrowing costs hurt businesses and consumers Challenging winter ahead Inflation is also running at a 40 year peak of 9 1 percent in the United States and a record high of 8 6 percent in the eurozone The Fed in July delivered its second straight 0 75 percentage point increase in what economists have called the most aggressive Fed tightening cycle since the 1980s The European Central Bank then surprised markets last month with a bigger than expected 0 50 percentage point hike bringing an end to the era of negative interest rates in the eurozone Policymakers are anxious to quell inflation before it becomes dangerously entrenched and sparks a prolonged economic downturn Added to the picture in Britain energy regulator Ofgem is due to ramp up domestic electricity and gas prices again in October ahead of the colder northern hemisphere winter That could take the average UK household energy bill well above 3 000 3 600 per year Ofgem warned Thursday that Britons face a very challenging winter ahead adding its so called energy price cap will now be reviewed every quarter instead of every six months
    Bank of England delivers biggest rate hike in 27 years
    Foreign2 months ago

    Bank of England delivers biggest rate hike in 27 years

    The Bank of England unleashed Thursday its biggest interest rate hike since 1995 as it forecast inflation topping 13 percent this year and warned of a looming year-long recession.

    , and forecast inflation will top 13 percent this year, sparking a year-long recession in Britain.

    The bank’s Monetary Policy Committee voted 8-1 in favour of lifting its key interest rate by 0.

    50 percentage points to 1.

    75 percent.

    The increase tallied with expectations and took borrowing costs to the highest level since December 2008.

    The move also mirrors aggressive monetary policy from the US Federal Reserve and the European Central Bank last month, as the world races to cool red-hot inflation that has been fuelled by Russia’s invasion of Ukraine.

    It also ramps up loan repayments for UK consumers and businesses, who are already facing a squeeze from a worsening cost of living crisis.

    Inflation ‘intensifying’UK inflation is set to peak at 13 percent, or the highest level in more than 42 years, according to the BoE.

    “Inflationary pressures in the United Kingdom and the rest of Europe have intensified significantly” since May, read a statement after the decision.

    “That largely reflects a near doubling in wholesale gas prices since May, owing to Russia’s restriction of gas supplies to Europe and the risk of further curbs.

    “As this feeds through to retail energy prices, it will exacerbate the fall in real incomes for UK households and further increase UK CPI inflation in the near term.

    ” In more grim news, the BoE predicted the UK economy would enter a painful recession that will last until late 2023.

    “GDP growth in the United Kingdom is slowing,” the BoE said.

    “The latest rise in gas prices has led to another significant deterioration in the outlook for activity in the United Kingdom and the rest of Europe.

    “The United Kingdom is now projected to enter recession from the fourth quarter of this year.

    ” However, the recession will be shallower than the 2008 crash that was sparked by the global financial crisis.

    The UK economy is expected to shrink by up to 2.

    1 percent in size from its highest point, according to the central bank’s forecast.

    UK inflation had already jumped to a four-decade high of 9.

    4 percent in June, deepening the cost-of-living crisis as workers’ wages fail to keep pace.

    Global inflation is surging as energy prices continue to rocket on key gas and oil producer Russia’s war on neighbouring Ukraine.

    Consumer prices have also rocketed on supply-chain strains as demand rebounds on the easing of Covid restrictions.

    That has forced central banks to raise interest rates, risking the prospect of recession as higher borrowing costs hurt businesses and consumers.

    ‘Challenging winter ahead’Inflation is also running at a 40-year peak of 9.

    1 percent in the United States, and a record high of 8.

    6 percent in the eurozone.

    The Fed in July delivered its second straight 0.

    75-percentage-point increase, in what economists have called the most aggressive Fed tightening cycle since the 1980s.

    The European Central Bank then surprised markets last month with a bigger-than-expected 0.

    50-percentage-point hike, bringing an end to the era of negative interest rates in the eurozone.

    Policymakers are anxious to quell inflation before it becomes dangerously entrenched — and sparks a prolonged economic downturn.

    Added to the picture in Britain, energy regulator Ofgem is due to ramp up domestic electricity and gas prices again in October, ahead of the colder northern hemisphere winter.

    That could take the average UK household energy bill well above £3,000 ($3,600) per year.

    Ofgem warned Thursday that Britons face a “very challenging winter ahead”, adding its so-called energy price cap will now be reviewed every quarter instead of every six months.

  •  South Korea s consumer price inflation CPI increased in June its fastest pace since 1998 adding pressure on the country s apex bank to tighten its policy further official data showed on Tuesday The consumer price index gained 6 0 per cent year on year in June following a 5 4 per cent increase in May The Korean statistics agency reported that this was the fastest rate of growth since Nov 1998 and exceeded the expected rate of 5 9 per cent Excluding food and energy core consumer prices advanced to 3 9 per cent in June following a 3 4 per cent rise in the preceeding month On a monthly basis overall consumer prices rose 0 6 per cent in June after a 0 7 per cent increase in the previous month Prices had been expected to climb 0 5 per cent Core CPI increased 0 4 per cent monthly in June after 0 5 per cent growth in the prior month Based on recently released data the Bank of Korea is likely to deliver a 50 basis point hike in July and then revert to 25 basis point hikes in August and October Min Joo Kang an ING economist said A total of 100 basis points of increases could stabilise inflation by the year end Min said NewsSourceCredit NAN
    South Korean inflation growing at fastest pace since 1998
     South Korea s consumer price inflation CPI increased in June its fastest pace since 1998 adding pressure on the country s apex bank to tighten its policy further official data showed on Tuesday The consumer price index gained 6 0 per cent year on year in June following a 5 4 per cent increase in May The Korean statistics agency reported that this was the fastest rate of growth since Nov 1998 and exceeded the expected rate of 5 9 per cent Excluding food and energy core consumer prices advanced to 3 9 per cent in June following a 3 4 per cent rise in the preceeding month On a monthly basis overall consumer prices rose 0 6 per cent in June after a 0 7 per cent increase in the previous month Prices had been expected to climb 0 5 per cent Core CPI increased 0 4 per cent monthly in June after 0 5 per cent growth in the prior month Based on recently released data the Bank of Korea is likely to deliver a 50 basis point hike in July and then revert to 25 basis point hikes in August and October Min Joo Kang an ING economist said A total of 100 basis points of increases could stabilise inflation by the year end Min said NewsSourceCredit NAN
    South Korean inflation growing at fastest pace since 1998
    Foreign3 months ago

    South Korean inflation growing at fastest pace since 1998

    South Korea’s consumer price inflation (CPI), increased in June, its fastest pace since 1998, adding pressure on the country’s apex bank to tighten its policy further, official data showed on Tuesday.

    The consumer price index gained 6.0 per cent year-on-year in June, following a 5.4 per cent increase in May.

    The Korean statistics agency reported that this was the fastest rate of growth since Nov. 1998, and exceeded the expected rate of 5.9 per cent.

    Excluding food and energy, core consumer prices advanced to 3.9 per cent in June, following a 3.4 per cent rise in the preceeding month.

    On a monthly basis, overall consumer prices rose 0.6 per cent in June, after a 0.7 per cent increase in the previous month.

    Prices had been expected to climb 0.5 per cent.

    Core CPI increased 0.4 per cent monthly in June, after 0.5 per cent growth in the prior month.

    Based on recently released data, the Bank of Korea is likely to deliver a 50-basis point hike in July, and then revert to 25-basis point hikes in August and October, Min Joo Kang, an ING economist said.

    A total of 100 basis points of increases could stabilise inflation by the year-end, Min said. (

    NewsSourceCredit: NAN

  •  The National Bureau of Statistics NBS says Nigeria s inflation rate increased to 17 71 per cent on a year on year basis in May This is according to NBS Consumer Price Index CPI and Inflation Report May 2022 released in Abuja on Wednesday The CPI measures the average change over time in the prices of goods and services consumed by people for day to day living that is the inflation rate The report says the figure is 0 22 per cent points lower compared to the rate recorded in May 2021 which is 17 93 per cent This means that the headline inflation rate slowed down in May 2022 when compared to the same month in the previous year Increases were recorded in all Classification of Individual Consumption by Purpose COICOP divisions that yielded the Headline index The report said on a month on month basis the headline inflation rate increased to 1 78 per cent in May 2022 this is also 0 02 per cent higher than the rate recorded in April 2022 at 1 76 per cent The percentage change in the average composite CPI for the 12 months period ending May 2022 over the average of the CPI for the previous 12 months period is 16 45 per cent This shows a 0 95 per cent increase compared to the 15 50 per cent recorded in May 2021 The report revealed that the urban inflation rate increased to 18 24 per cent on a year on year basis in May 2022 According to the report this is a 0 27 per cent decline compared to 18 51 per cent recorded in May 2021 It said on a month on month basis the urban inflation rate rose to 1 81 per cent in May 2022 representing a 0 03 per cent increase compared to April 2022 at 1 78 per cent The report said the corresponding 12 month average percentage change for the urban index is 17 00 per cent in May 2022 This is 0 91 per cent higher compared to 16 09 per cent reported in May 2021 The report showed that the rural inflation rate increased to 17 21 per cent in May 2022 on a year on year basis According to the report this is a 0 15 per cent decline compared to 17 36 per cent recorded in May 2021 The report said on a month on month basis the rural index rose to 1 76 per cent in May 2022 up by 0 02 per cent from the rate recorded in April 2022 at 1 74 per cent The corresponding 12 month average percentage change for the rural inflation rate in May 2022 is 15 91 per cent This is 0 97 per cent higher compared to 14 94 per cent recorded in May 2021 Source NAN
    Nigeria’s inflation rate increases to 17.71% in May 2022- NBS
     The National Bureau of Statistics NBS says Nigeria s inflation rate increased to 17 71 per cent on a year on year basis in May This is according to NBS Consumer Price Index CPI and Inflation Report May 2022 released in Abuja on Wednesday The CPI measures the average change over time in the prices of goods and services consumed by people for day to day living that is the inflation rate The report says the figure is 0 22 per cent points lower compared to the rate recorded in May 2021 which is 17 93 per cent This means that the headline inflation rate slowed down in May 2022 when compared to the same month in the previous year Increases were recorded in all Classification of Individual Consumption by Purpose COICOP divisions that yielded the Headline index The report said on a month on month basis the headline inflation rate increased to 1 78 per cent in May 2022 this is also 0 02 per cent higher than the rate recorded in April 2022 at 1 76 per cent The percentage change in the average composite CPI for the 12 months period ending May 2022 over the average of the CPI for the previous 12 months period is 16 45 per cent This shows a 0 95 per cent increase compared to the 15 50 per cent recorded in May 2021 The report revealed that the urban inflation rate increased to 18 24 per cent on a year on year basis in May 2022 According to the report this is a 0 27 per cent decline compared to 18 51 per cent recorded in May 2021 It said on a month on month basis the urban inflation rate rose to 1 81 per cent in May 2022 representing a 0 03 per cent increase compared to April 2022 at 1 78 per cent The report said the corresponding 12 month average percentage change for the urban index is 17 00 per cent in May 2022 This is 0 91 per cent higher compared to 16 09 per cent reported in May 2021 The report showed that the rural inflation rate increased to 17 21 per cent in May 2022 on a year on year basis According to the report this is a 0 15 per cent decline compared to 17 36 per cent recorded in May 2021 The report said on a month on month basis the rural index rose to 1 76 per cent in May 2022 up by 0 02 per cent from the rate recorded in April 2022 at 1 74 per cent The corresponding 12 month average percentage change for the rural inflation rate in May 2022 is 15 91 per cent This is 0 97 per cent higher compared to 14 94 per cent recorded in May 2021 Source NAN
    Nigeria’s inflation rate increases to 17.71% in May 2022- NBS
    Economy4 months ago

    Nigeria’s inflation rate increases to 17.71% in May 2022- NBS

    The National Bureau of Statistics (NBS) says Nigeria’s inflation rate increased to 17.71 per cent on a year-on-year basis in May.

    This is according to NBS Consumer Price Index(CPI) and Inflation Report May 2022 released in Abuja on Wednesday.

    The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living, that is the inflation rate.

     

    The report says the figure ” is 0.22 per cent points lower, compared to the rate recorded in May 2021, which is 17.93 per cent”.

    “This means that the headline inflation rate slowed down in May 2022 when compared to the same month in the previous year.

    “Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.”

    The report said on a month-on-month basis, the headline inflation rate increased to 1.78 per cent in May 2022, this is also 0.02 per cent higher than the rate recorded in April 2022 at 1.76 per cent.

    “The percentage change in the average composite CPI for the 12 months period ending May 2022 over the average of the CPI for the previous 12 months period is 16.45 per cent.”

    “This shows a 0.95 per cent increase compared to the 15.50 per cent recorded in May 2021.

    The report revealed that the urban inflation rate increased to 18.24 per cent on a year-on-year basis in May 2022.

    According to the report, this is a 0.27 per cent decline, compared to 18.51 per cent recorded in May 2021.

    It said on a month-on-month basis, the urban inflation rate rose to 1.81 per cent in May 2022, representing a 0.03 per cent increase compared to April 2022 at 1.78 per cent.

    The report said the corresponding 12-month average percentage change for the urban index is 17.00 per cent in May 2022.

    “This is 0.91 per cent higher, compared to 16.09 per cent reported in May 2021. ”

    The report showed that the rural inflation rate increased to 17.21 per cent in May 2022 on a year-on-year basis.

    According to the report, this is a 0.15 per cent decline, compared to 17.36 per cent recorded in May 2021.

    The report said on a month-on-month basis, the rural index rose to 1.76 per cent in May 2022, up by 0.02 per cent from the rate recorded in April 2022 at 1.74 per cent.

    “The corresponding 12-month average percentage change for the rural inflation rate in May 2022 is 15.91 per cent.”

    “This is 0.97 per cent higher, compared to 14.94 per cent recorded in May 2021.”

    Source: NAN

  •   The World Food Program in Mozambique WFP welcomed the visit of the United States Assistant Secretary of State for Political Affairs Victoria Nuland on June 14 to the WFP warehouse in the city of Matola On this occasion the US Government also announced a US 29 5 million donation to support WFP humanitarian food assistance to 940 000 people affected by insecurity conflict and natural disasters in northern Mozambique as well as such as improving the registration of displaced populations in conjunction with the Government of Mozambique and associates The US contribution comes at a very critical time for communities affected by the conflict in Cabo Delgado and nearby provinces Food assistance has almost doubled this year As of early 2021 WFP helped nearly half a million people In May 2022 WFP assistance increased to 940 000 people US assistance has also served to respond to increased food insecurity around the world due to the war in Ukraine WFP Country Director Antonella D Aprile said WFP welcomes the visit of the US Under Secretary of State for Political Affairs Ms Victoria Nuland With so many overlapping crises around the world the US 29 5 million contribution to the people of Mozambique is to be commended The continued support of the United States over the years is ensuring that families who are suffering from the conflict do not fall further into food insecurity said D Aprile Food assistance together with the recovery of livelihoods are key to generating peace and stability in Mozambique and offering a better future for the next generations Continued support from donors like the United States is critical to sustaining WFP s vital operations in northern Mozambique where insecurity and devastating natural disasters continue to cause repeated displacement and hunger The most vulnerable families depend almost entirely on humanitarian assistance The northern region hosts 70 percent of Mozambique s acute food insecurity according to the latest CPI 1 The United States government is the largest donor and partner of the United Nations World Food Program WFP rescue operations in Mozambique Through the United States Agency for International Development USAID WFP in Mozambique has received a total of US 207 million in contributions since 2017 Currently donors such as the US government Cabo Delgado Nampula and Niassa
    WFP Welcomes the U.S. Government’s Support to Improve Food Security of Displaced Families in Mozambique
      The World Food Program in Mozambique WFP welcomed the visit of the United States Assistant Secretary of State for Political Affairs Victoria Nuland on June 14 to the WFP warehouse in the city of Matola On this occasion the US Government also announced a US 29 5 million donation to support WFP humanitarian food assistance to 940 000 people affected by insecurity conflict and natural disasters in northern Mozambique as well as such as improving the registration of displaced populations in conjunction with the Government of Mozambique and associates The US contribution comes at a very critical time for communities affected by the conflict in Cabo Delgado and nearby provinces Food assistance has almost doubled this year As of early 2021 WFP helped nearly half a million people In May 2022 WFP assistance increased to 940 000 people US assistance has also served to respond to increased food insecurity around the world due to the war in Ukraine WFP Country Director Antonella D Aprile said WFP welcomes the visit of the US Under Secretary of State for Political Affairs Ms Victoria Nuland With so many overlapping crises around the world the US 29 5 million contribution to the people of Mozambique is to be commended The continued support of the United States over the years is ensuring that families who are suffering from the conflict do not fall further into food insecurity said D Aprile Food assistance together with the recovery of livelihoods are key to generating peace and stability in Mozambique and offering a better future for the next generations Continued support from donors like the United States is critical to sustaining WFP s vital operations in northern Mozambique where insecurity and devastating natural disasters continue to cause repeated displacement and hunger The most vulnerable families depend almost entirely on humanitarian assistance The northern region hosts 70 percent of Mozambique s acute food insecurity according to the latest CPI 1 The United States government is the largest donor and partner of the United Nations World Food Program WFP rescue operations in Mozambique Through the United States Agency for International Development USAID WFP in Mozambique has received a total of US 207 million in contributions since 2017 Currently donors such as the US government Cabo Delgado Nampula and Niassa
    WFP Welcomes the U.S. Government’s Support to Improve Food Security of Displaced Families in Mozambique
    Africa4 months ago

    WFP Welcomes the U.S. Government’s Support to Improve Food Security of Displaced Families in Mozambique

    The World Food Program in Mozambique (WFP) welcomed the visit of the United States Assistant Secretary of State for Political Affairs, Victoria Nuland, on June 14 to the WFP warehouse in the city of Matola. On this occasion, the US Government also announced a US$29.5 million donation to support WFP humanitarian food assistance to 940,000 people affected by insecurity, conflict and natural disasters in northern Mozambique, as well as such as improving the registration of displaced populations in conjunction with the Government. of Mozambique and associates.

    The US contribution comes at a very critical time for communities affected by the conflict in Cabo Delgado and nearby provinces. Food assistance has almost doubled this year. As of early 2021, WFP helped nearly half a million people. In May 2022, WFP assistance increased to 940,000 people. US assistance has also served to respond to increased food insecurity around the world due to the war in Ukraine.

    WFP Country Director Antonella D'Aprile said: “WFP welcomes the visit of the US Under Secretary of State for Political Affairs, Ms. Victoria Nuland. With so many overlapping crises around the world, the US$29.5 million contribution to the people of Mozambique is to be commended. The continued support of the United States over the years is ensuring that families who are suffering from the conflict do not fall further into food insecurity,' said D'Aprile. 'Food assistance together with the recovery of livelihoods are key to generating peace and stability in Mozambique and offering a better future for the next generations.'

    Continued support from donors like the United States is critical to sustaining WFP's vital operations in northern Mozambique, where insecurity and devastating natural disasters continue to cause repeated displacement and hunger. The most vulnerable families depend almost entirely on humanitarian assistance. The northern region hosts 70 percent of Mozambique's acute food insecurity, according to the latest CPI[1].

    The United States government is the largest donor and partner of the United Nations World Food Program (WFP) rescue operations in Mozambique. Through the United States Agency for International Development (USAID), WFP in Mozambique has received a total of US$207 million in contributions since 2017. Currently, donors such as the US government, Cabo Delgado, Nampula and Niassa .

  •   To illustrate the continuing deep concern over emergency levels of malnutrition in Somalia and the Horn of Africa in general the United Nations Children s Fund UNICEF reported that it met with parents who had to bury their emaciated children on the side of the road as they walked hundreds of kilometers to seek medical help The alert follows four successive seasons of poor rains in the East African region a situation not seen for at least 40 years which has left 386 000 children in urgent need of life saving treatment for severe malnutrition in Somalia alone Worse than the famine of 2011 This is worse than in 2011 when famine claimed the lives of 250 000 mainly children in Somalia explained Rania Dagash UNICEF Deputy Director for Eastern and Southern Africa The lives of children in the Horn of Africa are also at risk higher risk due to the war in Ukraine and I think it s important to emphasize this because Somalia alone used to import 92 percent of its wheat from Russia and Ukraine but now the supply lines are blocked As a direct result of the failures of the rainy season and the impact of the war in Ukraine on global supply chains the cost of life saving therapeutic food used by UNICEF to treat children with severe acute malnutrition is projected to increase increase 16 worldwide over the next six years months This means that UNICEF will need an additional 12 million more than anticipated for the Horn of Africa alone explained Ms Dagash Building resilience is key As well as calling on the international community to provide more funding for emergency assistance UN humanitarian workers have stressed that what is also needed is investment in resilience building measures to save people s livelihoods and prevent them from having to leave their homes in search of food water and health If the world does not look away from the war in Ukraine and act immediately an explosion of child deaths is about to occur in the Horn of Africa Ms Dagash told reporters in Geneva most vulnerable children The number of children facing severe acute malnutrition has risen by more than 15 percent in the space of five months the UNICEF official explained via video link from Nairobi adding that in Ethiopia Kenya and Somalia more 1 7 million children are in an emergency situation need for treatment The latest weather forecasts are also reassuring suggesting that the rains from October to December are also likely to fail The likely result is even more crop failure and the deaths of even more livestock as water sources dry up Millions of animal deaths Some three million head of cattle have died since mid 2021 from drought and disease according to the Food and Agriculture Organization of the United Nations FAO These drought impacts on livestock mean that declining meat and milk production has worsened malnutrition particularly among young children in pastoral areas who rely on local supply According to UNICEF between February and May of this year the number of households without reliable access to clean safe water nearly doubled from 5 6 million to 10 5 million To help communities withstand increasingly frequent droughts caused by climate change UN teams and partners have had to dig even deeper wells than before in some cases up to two kilometers The UN and its partners are also channeling limited resources into famine prevention projects We help rural families stay where they are through life saving cash transfers to buy essentials like food water and medicine as well as livelihood items said Etienne Peterschmitt FAO Representative in Somalia real risk of starvation The FAO representative noted that the support required by 2022 for this work to safeguard lives and livelihoods has yet to fully materialize and hundreds of thousands of Somalis are at very real risk of starvation and death The latest analysis from the Integrated Food Security Phase Classification IPC platform shows that 7 1 million people or 45 percent of the country are in IPC Phase 3 or Crisis or worse food security outcomes Families in the most affected areas do not have enough to eat and are using crisis coping strategies to stave off hunger Of these 7 1 million around 2 1 million people are in IPC level 4 or Emergency which is manifested by very high acute malnutrition and increasing levels of death among children and adults Some 213 000 people are at the CPI 5 Catastrophe level a 160 percent increase in the number of people facing extreme lack of food facing death from starvation and destitution since the last CPI report in mid April
    Horn of Africa Braces for ‘Explosion of Child Deaths’ as Hunger Crisis Deepens
      To illustrate the continuing deep concern over emergency levels of malnutrition in Somalia and the Horn of Africa in general the United Nations Children s Fund UNICEF reported that it met with parents who had to bury their emaciated children on the side of the road as they walked hundreds of kilometers to seek medical help The alert follows four successive seasons of poor rains in the East African region a situation not seen for at least 40 years which has left 386 000 children in urgent need of life saving treatment for severe malnutrition in Somalia alone Worse than the famine of 2011 This is worse than in 2011 when famine claimed the lives of 250 000 mainly children in Somalia explained Rania Dagash UNICEF Deputy Director for Eastern and Southern Africa The lives of children in the Horn of Africa are also at risk higher risk due to the war in Ukraine and I think it s important to emphasize this because Somalia alone used to import 92 percent of its wheat from Russia and Ukraine but now the supply lines are blocked As a direct result of the failures of the rainy season and the impact of the war in Ukraine on global supply chains the cost of life saving therapeutic food used by UNICEF to treat children with severe acute malnutrition is projected to increase increase 16 worldwide over the next six years months This means that UNICEF will need an additional 12 million more than anticipated for the Horn of Africa alone explained Ms Dagash Building resilience is key As well as calling on the international community to provide more funding for emergency assistance UN humanitarian workers have stressed that what is also needed is investment in resilience building measures to save people s livelihoods and prevent them from having to leave their homes in search of food water and health If the world does not look away from the war in Ukraine and act immediately an explosion of child deaths is about to occur in the Horn of Africa Ms Dagash told reporters in Geneva most vulnerable children The number of children facing severe acute malnutrition has risen by more than 15 percent in the space of five months the UNICEF official explained via video link from Nairobi adding that in Ethiopia Kenya and Somalia more 1 7 million children are in an emergency situation need for treatment The latest weather forecasts are also reassuring suggesting that the rains from October to December are also likely to fail The likely result is even more crop failure and the deaths of even more livestock as water sources dry up Millions of animal deaths Some three million head of cattle have died since mid 2021 from drought and disease according to the Food and Agriculture Organization of the United Nations FAO These drought impacts on livestock mean that declining meat and milk production has worsened malnutrition particularly among young children in pastoral areas who rely on local supply According to UNICEF between February and May of this year the number of households without reliable access to clean safe water nearly doubled from 5 6 million to 10 5 million To help communities withstand increasingly frequent droughts caused by climate change UN teams and partners have had to dig even deeper wells than before in some cases up to two kilometers The UN and its partners are also channeling limited resources into famine prevention projects We help rural families stay where they are through life saving cash transfers to buy essentials like food water and medicine as well as livelihood items said Etienne Peterschmitt FAO Representative in Somalia real risk of starvation The FAO representative noted that the support required by 2022 for this work to safeguard lives and livelihoods has yet to fully materialize and hundreds of thousands of Somalis are at very real risk of starvation and death The latest analysis from the Integrated Food Security Phase Classification IPC platform shows that 7 1 million people or 45 percent of the country are in IPC Phase 3 or Crisis or worse food security outcomes Families in the most affected areas do not have enough to eat and are using crisis coping strategies to stave off hunger Of these 7 1 million around 2 1 million people are in IPC level 4 or Emergency which is manifested by very high acute malnutrition and increasing levels of death among children and adults Some 213 000 people are at the CPI 5 Catastrophe level a 160 percent increase in the number of people facing extreme lack of food facing death from starvation and destitution since the last CPI report in mid April
    Horn of Africa Braces for ‘Explosion of Child Deaths’ as Hunger Crisis Deepens
    Africa4 months ago

    Horn of Africa Braces for ‘Explosion of Child Deaths’ as Hunger Crisis Deepens

    To illustrate the continuing deep concern over emergency levels of malnutrition in Somalia and the Horn of Africa in general, the United Nations Children's Fund (UNICEF) reported that it met with parents who had to bury their emaciated children on the side of the road, as they walked hundreds of kilometers to seek medical help.

    The alert follows four successive seasons of poor rains in the East African region, a situation not seen for at least 40 years, which has left 386,000 children in urgent need of life-saving treatment for severe malnutrition in Somalia alone. .

    Worse than the famine of 2011

    This is worse than in 2011, when famine claimed the lives of 250,000, mainly children in Somalia, explained Rania Dagash, UNICEF Deputy Director for Eastern and Southern Africa: “The lives of children in the Horn of Africa are also at risk. higher risk due to the war in Ukraine and I think it's important to emphasize this, because Somalia alone used to import 92 percent of its wheat from Russia and Ukraine, but now the supply lines are blocked."

    As a direct result of the failures of the rainy season and the impact of the war in Ukraine on global supply chains, the cost of life-saving therapeutic food used by UNICEF to treat children with severe acute malnutrition is projected to increase. increase 16% worldwide over the next six years. months.

    This means that UNICEF will need an additional $12 million more than anticipated for the Horn of Africa alone, explained Ms. Dagash.

    Building resilience is key

    As well as calling on the international community to provide more funding for emergency assistance, UN humanitarian workers have stressed that what is also needed is investment in resilience-building measures, to save people's livelihoods. and prevent them from having to leave their homes in search of food, water and health.

    “If the world does not look away from the war in Ukraine and act immediately, an explosion of child deaths is about to occur in the Horn of Africa,” Ms. Dagash told reporters in Geneva.

    most vulnerable children

    The number of children facing severe acute malnutrition has risen by more than 15 percent in the space of five months, the UNICEF official explained via video link from Nairobi, adding that in Ethiopia, Kenya and Somalia, more 1.7 million children are in an emergency situation. need for treatment.

    The latest weather forecasts are also reassuring, suggesting that the rains from October to December are also likely to fail.

    The likely result is even more crop failure and the deaths of even more livestock as water sources dry up.

    Millions of animal deaths.

    Some three million head of cattle have died since mid-2021 from drought and disease, according to the Food and Agriculture Organization of the United Nations (FAO).

    These drought impacts on livestock mean that declining meat and milk production has worsened malnutrition, particularly among young children in pastoral areas who rely on local supply.

    According to UNICEF, between February and May of this year, the number of households without reliable access to clean, safe water nearly doubled, from 5.6 million to 10.5 million.

    To help communities withstand increasingly frequent droughts caused by climate change, UN teams and partners have had to dig even deeper wells than before, in some cases up to two kilometers.

    The UN and its partners are also channeling limited resources into famine prevention projects.

    “We help rural families stay where they are through life-saving cash transfers to buy essentials like food, water and medicine, as well as livelihood items,” said Etienne Peterschmitt, FAO Representative in Somalia.

    real risk of starvation

    The FAO representative noted that the support required by 2022 for this work to safeguard lives and livelihoods “has yet to fully materialize, and hundreds of thousands of Somalis are at very real risk of starvation and death.”

    The latest analysis from the Integrated Food Security Phase Classification (IPC) platform shows that 7.1 million people, or 45 percent of the country, are in IPC Phase 3 or “Crisis” or worse food security outcomes. Families in the most affected areas do not have enough to eat and are using crisis coping strategies to stave off hunger.

    Of these 7.1 million, around 2.1 million people are in IPC level 4 or “Emergency”, which is manifested by very high acute malnutrition and increasing levels of death among children and adults.

    Some 213,000 people are at the CPI 5 - "Catastrophe" level - a 160 percent increase in the number of people facing extreme lack of food, facing death from starvation and destitution, since the last CPI report in mid-April.