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JUST IN: Nigeria’s Inflation Rate Rises To 32.7% [DETAILS]

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JUST IN: Nigeria’s Inflation Rate Rises To 32.7% [DETAILS]—-Nigeria’s inflation rate increased to 32.7 per cent in September, marking a reverse from two consecutive months of decline, where it stood at 32.15% in August.

TCN reports that This uptick was primarily attributed to a rise in Month-on-Month Food Inflation, which escalated to 2.64% from the previous 2.37%.

The National Bureau of Statistics (NBS) reported these findings in its Consumer Price Index (CPI) Report for September.

According to the Bureau, the headline inflation rate for September 2024 was recorded at 32.70%, in contrast to the August 2024 rate of 32.15%. This indicates an increase of 0.55% in the headline inflation rate from August to September 2024.

On a year-on-year comparison, the headline inflation rate was 5.98 percentage points higher than the rate observed in September 2023, which was 26.72%.

This data illustrates that the headline inflation rate rose on a year-on-year basis in September 2024 when compared to the same month in the previous year, September 2023.

“Furthermore, on a month-on-month basis, the Headline inflation rate in September 2024 was 2.52%, which was 0.30% higher than the rate recorded in August 2024 (2.22%).

“This means that in September 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in August 2024,” the NBS noted.

The NBS further said: “The Food inflation rate in September 2024 was 37.77% on a year-on-year basis, 7.13% points higher than the rate recorded in September 2023 (30.64%).

“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items: Guinea Corn, Rice, Maize, Grains, Beans, etc. (Bread and Cereals Class), Yam, Water Yam, Cassava Tuber, etc (Potatoes, Yam & Other Tubers Class), Beer (Local and Foreign) (Tobacco Class), Lipton, Milo, Bournvita, etc.

“(Coffee, Tea & Cocoa Class) and Vegetable Oil, Palm Oil, etc (Oil & Fats Class).

“On a month-on-month basis, the Food inflation rate in September 2024 was 2.64% which shows a 0.27% increase compared to the rate recorded in August 2024 (2.37%).

“The rise can be attributed to the rate of increase in the average prices of Beer (Local and Foreign) (Tobacco Class), Vegetable Oil, Groundnut Oil, Palm Oil, etc (Oil & Fats Class), Beef, Gizzard, Dried Beef, etc (Meat Class), Lipton, Milo, Bournvita, etc (Coffee, Tea & Cocoa Class) and Milk, Egg etc (Milk,
cheese and Eggs Class).

“The average annual rate of Food inflation for the twelve months ending September 2024 over the previous twelve-month average was 37.53%, which was an 11.88% points increase from the average annual rate of change recorded in September 2023 (25.65%).”

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JUST IN: Manchester City Found Guilty of 114 Premier League Financial Charges

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JUST IN: Manchester City Found Guilty of 114 Premier League Financial Charges—-Manchester City have reportedly been found guilty of all but one of the 115 alleged Premier League financial breaches, with sanctions yet to be determined and the club expected to appeal.

Manchester City have reportedly been found guilty of 114 of the 115 alleged breaches of the Premier League’s financial regulations, bringing a major development to one of the longest-running financial cases in English football.

The reported verdict was delivered by an independent commission following a lengthy hearing into allegations dating back to the 2009-10 season. The Premier League originally charged City in February 2023 following a four-year investigation into the club’s financial affairs.

According to reports from The Athletic and The Times, the independent commission ruled against Manchester City on all but one of the 115 charges.

The allegations covered several areas, including claims that City failed to provide accurate financial information, failed to properly disclose payments to players and coaches, breached UEFA financial regulations and the Premier League’s Profitability and Sustainability Rules, and failed to cooperate with the league’s investigation.

Verdict Yet to Be Publicly Released

Despite the reported outcome, the Premier League has not formally published the commission’s verdict.

A Premier League spokesperson told Reuters that the matter remains confidential and the league would not comment on the reported findings. Manchester City also indicated that the process is not yet complete.

City have consistently denied wrongdoing since the charges were brought and are expected to appeal the reported findings.

The club said the Premier League process remains ongoing, with significant elements still to be completed and subject to strict confidentiality.

What Were Manchester City Charged With?

The 115 charges relate primarily to alleged breaches between 2009 and 2018, while separate allegations concerned the club’s alleged failure to cooperate with the Premier League investigation.

Reports indicate that 54 of the charges relate to alleged failures to provide accurate financial information, while another 35 concern alleged failures to cooperate with the investigation.

Further allegations involved the reporting of player and manager compensation as well as alleged breaches of UEFA financial regulations and the Premier League’s profitability and sustainability rules.

The hearing before the three-person independent commission lasted around 12 weeks and concluded in December 2024. The verdict was then delayed for a prolonged period because of the complexity of the case.

Punishment Has Not Been Decided

Manchester City have not yet been handed a punishment.

The sanctions that could potentially be considered under Premier League rules include financial penalties and sporting sanctions, although the eventual punishment will depend on the commission’s findings and the next stages of the process.

The club’s expected appeal could further prolong the case.

For now, the reported verdict represents a dramatic development in a case that has followed Manchester City for more than three years and covers a period in which the club established itself as one of the dominant forces in English football.

Manchester City maintain their position that they have acted properly and have consistently defended themselves against the allegations.

With the verdict reportedly going against the club on 114 of the 115 charges, attention will now turn to the official publication of the commission’s decision, the sanctions, and Manchester City’s expected appeal.

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BREAKING: Haaland Scores Controversial Goal as 10-Men Manchester City Defeat Manchester United at Old Trafford

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BREAKING: Haaland Scores Controversial Goal as 10-Men Manchester City Defeat Manchester United at Old Trafford—-Erling Haaland struck after a lengthy VAR review to hand 10-man Manchester City a dramatic 1-0 victory over Manchester United in a fiery Manchester derby.

Manchester City secured a dramatic 1-0 victory over Manchester United at Old Trafford on Sunday, with Erling Haaland’s controversial second-half goal settling a fiercely contested Manchester derby.

City were forced to play with 10 men for more than an hour after Phil Foden was sent off in the first half for kicking out at Manchester United captain Bruno Fernandes. Despite their numerical disadvantage, Enzo Maresca’s side remained disciplined and eventually found the breakthrough through Haaland.

The decisive moment arrived around the hour mark when Haaland found the net, only for the assistant referee to immediately raise the flag for offside.

However, after a lengthy VAR review, the decision was overturned and the goal was awarded. Replays showed that Patrick Dorgu’s outstretched foot had played Haaland onside, while Enzo Fernández’s position was deemed not to constitute interference with play.

The decision sparked furious reactions from the home supporters, with Manchester United players also questioning whether Fernández’s position had interfered with their ability to defend the move.

United were handed a major advantage by Foden’s dismissal but failed to capitalise on it. Marcus Rashford and Kobbie Mainoo both struck the woodwork as the hosts desperately searched for an equaliser.

Manchester City’s defence held firm during the closing stages, while goalkeeper Gianluigi Donnarumma produced a crucial late save to deny Bryan Mbeumo and preserve the visitors’ clean sheet.

The victory was particularly impressive given City’s lengthy spell with 10 men and handed Maresca a huge win in his first Manchester derby as City manager.

For Haaland, the goal continued his remarkable record against Manchester United and proved enough to give City all three points in one of the most controversial derbies in recent years.

The result keeps Manchester City’s perfect Premier League start intact, with the champions moving onto 12 points from four matches, level with Arsenal at the top of the table but behind the Gunners on goal difference. Manchester United, meanwhile, remain on just four points after four matches.

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