By Abubakar Yunusa
The inflation rate in the United Kingdom (UK) rose to 2.6 percent in November — up from 2.3 percent in October.
The new rate, which represents the third increase in 2024, is the highest recorded since March when it dropped to 2.3 percent.
The Office for National Statistics (ONS) said the increase is largely due to housing costs and transport.
On a month-on-month basis, the ONS said the consumer prices index (CPI) rose by 0.1 percent in November this year — down by 0.2 percent in November 2023.
The office also said the CPI, including owner occupiers’ housing costs (CPIH), rose by 3.5 percent in the 12 months to November — up from 3.2 percent in October.
“The owner occupiers’ housing costs (OOH) component of CPIH rose by 7.8% in the 12 months to November 2024, up from 7.4% in the 12 months to October,” ONS said.
“This is the highest annual rate since February 1992 in the constructed historical series. OOH costs rose by 0.8% on the month, compared with a 0.4% increase a year earlier.”
The statistics firm further said the largest upward contribution to the monthly change in both CPIH and CPI annual rates came from transport, with a further large upward effect in CPIH from housing and household services.
“Core CPIH (excluding energy, food, alcohol and tobacco) rose by 4.4% in the 12 months to November 2024, up from 4.1% in October; the CPIH goods annual rate rose from negative 0.3% to positive 0.4%, while the CPIH services annual rate rose from 5.6% to 5.7%,” the firm said.
Commenting on the rate, Grant Fitzner, ONS chief economist, said “Inflation rose again this month as prices of motor fuel and clothing increased this year but fell a year ago”.
Fitzner also said the rate was offset partially by airfares, which traditionally dip at this time of year, but “had their largest drop in November since records began”.
KPMG: Nigeria among top destinations for future investments in sub-Saharan Africa KPMG says the top destinations for future investments in the next two years in sub-Saharan Africa (SSA) are Nigeria, South Africa, and Kenya.
In its report titled ‘Doing deals in sub-Saharan Africa 2024,’ KPMG conducted a survey among international and domestic investors.
KPMG said more developed African nations are likely to benefit when it comes to the location of future deals.
“The top destinations for investment in the next two years are South Africa (28%) and Nigeria (26%),” the report reads.
“These economic powerhouses were followed, at some distance, by Kenya (14%). No other country was mentioned by more than one-in-ten respondents overall.
“The dominance of these countries in the M&A landscape reinforces the importance of both economic and resource fundamentals.”
According to KPMG, South Africa’s economy has been hit by power shortages and logistics bottlenecks.
However, the report noted that South Africa’s offer of abundant resources, a developed financial market, and an enormous youthful population “remains a prime draw for investors”.
“Similarly, Nigeria has SSA’s largest population, the region’s second-largest economy, and remains a substantial hydrocarbons producer,” the report reads.
“The lure of the regions’ two largest economies ties in with investors’ motivations for future transactions.”
Asked to identify the most likely key drivers of their future SSA transactions, KPMG said investors cited physical assets/natural resources, growth capital, and attractive valuations.
“Financial investors highlight attractive valuations and growth capital. Notably, 20% of financial investors believed that IP/technology would be the single most important driver of their next deal in SSA,” the report reads.
“In sectoral terms, energy, mining and technology should shape future deal flow. Strategic investors expect the most attractive M&A prospects in SSA over the next two years to emerge in the mining (71%) and oil & gas (51%) sectors.”
Financial investors also told KPMG that they were optimistic about transaction prospects in the mining sector (46 percent) and oil and gas industry (34 percent), respectively.
