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UK inflation raises to 41-year peak

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UK inflation raises to 41-year peak

British inflation has jumped to a 41-year high on soaring energy and food bills in a worsening cost-of-living crisis, data showed Wednesday on the eve of a key budget.

The Consumer Prices Index hit 11.1 percent in October, reaching the highest level since 1981, the Office for National Statistics (ONS) said in a statement.

That compared with 10.1 percent in September, which matched the level in July and had already been the highest in 40 years.

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Domestic fuel bills rocketed again despite the UK government’s energy price freeze as the market faced more fallout from key producer Russia’s invasion of Ukraine.

The October figure beat market expectations of 10.7 percent and was higher than the Bank of England’s forecast peak.

“Rising gas and electricity prices drove headline inflation to its highest level for over 40 years, despite the Energy Price Guarantee,” said ONS chief economist Grant Fitzner.

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Over the last year, gas prices have leapt by 130 percent and electricity prices by 66 percent, according to the ONS.

Runaway inflation comes despite state energy support, which sought to limit annual energy bills at an average of £2,500 per year.

Finance minister Jeremy Hunt blamed Russian President Vladimir Putin’s war in Ukraine for spiking prices, as well as the easing of pandemic curbs.

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– ‘Tough’ decisions –
Hunt is expected Thursday to hike taxes and slash spending, despite the cost-of-living squeeze, as Prime Minister Rishi Sunak attempts to fix economic chaos wrought by predecessor Liz Truss.

“The aftershock of Covid and Putin’s invasion of Ukraine is driving up inflation in the UK and around the world,” Hunt said Wednesday.

“This… is eating into pay cheques, household budgets and savings, while thwarting any chance of long-term economic growth.”

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The Ukraine conflict has also sent inflation soaring to the highest level in decades worldwide, sparking economic turmoil.

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

The Bank of England this month sprang its biggest rate hike since 1989 to combat sky-high inflation — and warned the UK economy may experience a record-long recession until mid-2024.

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The BoE lifted borrowing costs by 0.75 percentage points to 3.0 percent — the highest since the 2008 global financial crisis — to cool UK inflation that it saw peaking at almost 11 percent.

Hunt added that “tough” decisions would be needed in Thursday’s budget to help the BoE meet its 2.0-percent inflation target.

“We cannot have long-term, sustainable growth with high inflation,” he said.

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The UK has meanwhile been blighted by strikes this year, as workers protest over wages that have failed to keep pace with surging inflation.

The retail prices index — an inflation measure which includes mortgage interest payments and is used by trade unions and employers when negotiating wage increases — rocketed to 14.2 percent in October from 12.6 percent in September, data showed Wednesday.

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NCBN, OISD Seek Strategic Partnership with ASR Africa

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NCBN, OISD Seek Strategic Partnership with ASR Africa

By Matthew Eloyi

The Managing Director and Chief Executive Officer of the Nigeria Customs Broadcasting Network (NCBN), Mr. Jamilu Yusuf, has led a delegation on a courtesy visit to the Managing Director of the Abdul Samad Rabiu Africa Initiative (ASR Africa), Dr. Ubon Udoh, to explore areas of mutual collaboration.

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Mr. Yusuf, who also serves as the Executive Director of the Organisation for Innovation and Sustainable Development (OISD), commended ASR Africa for its transformational impact in critical sectors such as education, healthcare, social development, and institutional strengthening across Nigeria and the African continent.

He highlighted NCBN’s commitment to promoting institutions and initiatives that drive sustainable development, noting that a strategic communication partnership with ASR Africa would help amplify the organisation’s achievements and further inspire positive change.

Mr. Yusuf also proposed a collaboration between OISD and ASR Africa in areas including education, digital literacy, and economic empowerment, aligning with both organisations’ shared vision for inclusive growth and capacity building.

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In response, Dr. Udoh welcomed the partnership proposals, expressing ASR Africa’s readiness to collaborate with NCBN on strategic communication initiatives. He also affirmed the initiative’s interest in working with OISD on education empowerment programmes.

Dr. Udoh further used the occasion to congratulate the Comptroller-General of Customs, Bashir Adewale Adeniyi, on his recent election as the Chairperson of the World Customs Organisation (WCO), describing the achievement as a testament to Nigeria’s growing influence in global customs administration.

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Akpabio Hails Okpebholo’s Supreme Court Victory, Calls It Triumph of Democracy

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Akpabio

President of the Senate, Godswill Akpabio, has congratulated Governor Monday Okpebholo on his affirmation as the duly elected governor of Edo State by the Supreme Court, describing the ruling as a “triumph of democracy and the will of the people.”

Akpabio, in a statement personally signed and released on Friday in Abuja, applauded the apex court’s decision, saying it validated the mandate freely given to Okpebholo in the September 2024 gubernatorial election.

“What the apex court in the land has done is to affirm the will and wishes of the overwhelming majority of the people of Edo State. It shows that the election was transparent, free and fair,” Akpabio stated.

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He added that, “The declaration by the Supreme Court in favour of Sen. Okpebholo against Mr Asue Ighodalo of the Peoples Democratic Party (PDP) has proven that elections are won at the ballot and by people who have identified with the grassroots.”

The Senate President said the judgment reaffirms the strength of Nigeria’s democratic institutions and the popularity of the All Progressives Congress (APC) in Edo State.

“This judgment has again reaffirmed the fact that democracy is at play and the people of Edo have wholeheartedly embraced the All Progressives Congress (APC) and popularly elected their preferred choice of Senator Okpebholo as their governor,” he said.

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According to Akpabio, the ruling not only confirms Okpebholo’s mandate but also “paves the way for him to continue delivering exceptional service to the good people of Edo.”

He praised the governor’s performance in the past seven months, expressing confidence in his capacity to deliver more during his four-year tenure.

“My distinguished brother, His Excellency Senator Monday Okpebholo, on behalf of my family and constituents, the Senate of the Federal Republic of Nigeria, I extend my warmest congratulations to you and the wonderful people of Edo on this landmark victory at the Supreme Court.

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“I wish you success and I assure you of the Senate’s support and collaboration in ensuring the state’s progress and development.

“Congratulations once again, Gov Okpebholo. I look forward to a robust working relationship with you,” Akpabio added.

In a unanimous decision, a five-member panel of the Supreme Court led by Justice Mohammed Garba dismissed the appeal filed by the PDP candidate, Mr Asue Ighodalo, for lacking merit.

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The apex court upheld the earlier rulings of the Court of Appeal and the Edo State Governorship Election Petition Tribunal, both of which declared Okpebholo of the APC as the valid winner of the election.

The court ruled that the appellant failed to provide credible and admissible evidence to support claims of electoral malpractice, including over-voting and substantial non-compliance with the Electoral Act.

It further held that the PDP candidate failed to call relevant witnesses to back up some of the evidence he tendered, particularly those involving the Bimodal Voter Accreditation System (BVAS).

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Some of the documents presented, the court noted, were simply “dumped” on the tribunal without demonstrating the alleged irregularities in 432 of the 4,519 polling units across the state.

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Education

NELFUND Begins Upkeep Payments to Over 3,600 Students After Bank Detail Update

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NELFUND Disburses Over N20bn in Student Loans, Assures Transparency

The Nigerian Education Loan Fund (NELFUND) has commenced the disbursement of upkeep payments to students who successfully updated their bank account details from digital wallets to commercial bank accounts.

This was announced in a statement released on Friday in Abuja by the Director of Strategic Communications of the Fund, Mrs. Oseyemi Oluwatuyi.

Oluwatuyi described the development as a significant breakthrough in addressing earlier disbursement delays.

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“Over 3,600 students, who previously registered with digital-only banking platforms, have now successfully received their backlog of upkeep payments after updating their details to conventional commercial bank accounts on the NELFUND portal,” she stated.

“We appreciate the patience and understanding of all affected students during this period. Your resilience and cooperation have made this progress possible,” she added.

The NELFUND spokesperson advised students who have yet to update their bank details to raise a support ticket via the official NELFUND portal to request access for the update.

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She further urged affected students to report through the IT office of their respective institutions, which would compile and forward all related cases to NELFUND for prompt resolution.

“NELFUND remains committed to ensuring that no eligible student is left behind. This resolution process is part of our broader effort to enhance the efficiency, transparency, and student-centered delivery of our support services,” she said.

Oluwatuyi encouraged students to continue engaging only through official NELFUND channels and to assist their peers who may need help navigating the update process.

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She also provided contact options for inquiries, stating that the fund can be reached via email at info@nelf.gov.ng or through its official social media handles: X (formerly Twitter) @nelfund; Instagram @nelfund; and Facebook & LinkedIn: Nigerian Education Loan Fund – NELFUND.

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