Tag Archives: Per Cent

Cement Price Rises By 44 Per Cent, Hits N2,300 Per Bag

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Dreams of lower construction costs by prospective homeowners might have become a nightmare, going by fresh increase in the price of cement products by manufacturers.

The development has already triggered a ripple effect in the open market, with prices going up by about 44 per cent in few days.

Investigations revealed that operators under the Cement Manufacturers Association of Nigeria (CMAN) have raised prices of brands by N600 per bag in factories, including additional N100 cost for haulage. This has increased retail prices from N1,600 to N2,300 depending on location. In some areas, prices have shot up to N21,350 or higher.Members of the CMAN include Dangote Cement Plc, which is emerging as a market leader and has factories in Gboko, Benue State; Obajana, Kogi State; and Ibeshe, Ogun State.

Other are: Lafarge Cement WAPCO Plc; Cement Company of Northern Nigeria Plc; Ashakacem Plc and Cross-River based United Cement Company.

Vice President, Nigerian Institute of Building, Kunle Awobodu, said: “This is going to create crisis in the construction sector and bad blood between clients and contractors, as developers will make claims for fluctuations.

“Invariably, it will lead to upward reviews of contract sums. New and on-going projects will be delayed until there is agreement on the contract variations. It can also expedite construction activities because of the anticipation of further increase.”

According to an official in one of the cement manufacturing companies, the hike is not unconnected to difficult operating environment.

Read More:

http://guardian.ng/news/cement-price-rises-by-44-per-cent-hits-n2300-per-bag/

Inflation Rises To 12.8 Per Cent

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The currency curbs introduced by the Muhammadu Buhari administration, coupled with fuel scarcity, have contributed to the increase in the Consumer Price Index (CPI), which measures inflation, to 12.8 per cent in March, compared to 11.4 per cent in February and 9.6 per cent in January, the National Bureau of Statistics (NBS) stated on Tuesday.

It blamed the 1.4 per cent rise in the headline index on an increase in the prices of goods and services across the country, the highest year-on-year rise since July 2012.

The NBS stated that the planting season, transportation costs, as well as foreign exchange movements created significant upward pressure on the food index in March.

It further stated that the knock on effect of foreign exchange movements, which have in turn affected the prices of imported food and non-food items, the importation of petrol as well as the adjustment in the electricity tariffs nationwide resulted in a surge of rates.

According to the CPI figures for March released by the statistical agency yesterday, the food index increased by 1.4 per cent to 12.7 per cent compared to what was recorded in February.

It added that all major food groups that contribute to the food sub-index increased at a faster pace while imported items as well as other domestic shocks continued to have ripple effects across many divisions that contribute to the core index which increased by 1.1 per cent to 12.2 per cent in March.

Credit: Thisday