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Tag: CPI

  • It costs N1,255 to eat per day in Nigeria – NBS

    It costs N1,255 to eat per day in Nigeria – NBS

    The National Bureau of Statistics (NBS) has disclosed the National Average Cost of a Healthy Diet (CoHD) per adult a day stood at N1,255 in August 2024. The NBS revealed this in its CoHD report for August 2024 released on Thursday in Abuja.

    The bureau said that the CoHD in August decreased by 0.8 per cent compared to the N1,265 recorded in July. The NBS said the CoHD was the least expensive combination of locally available items that met globally consistent food-based dietary guidelines.

    It said it was used as a measure of physical and economic access to healthy diets.

    “This is a lower bound (or floor) of the cost per adult per day excluding the cost of transportation and meal preparation.”

    The bureau said that to compute the CoHD indicator, the following data on Retail Food Prices, Food Composition Data, and Healthy Diet Standard were required.

    The NBS also said that in August, the average CoHD was highest in the South-West at N1,554 per adult per day, followed by the South-South at N1,381 per day.

    It said the lowest average CoHD was recorded in the North-West at N1,014 per adult per day.

    The NBS further said that at the state level Ogun, Lagos and Rivers recorded the highest CoHD at N1,641, N1,615, and N1,572, respectively.

    The bureau said Katsina recorded the lowest CoHD at N880, followed by Kaduna at N951, and Sokoto at N980.

    The NBS said CoHD had steadily increased over the past six months, since March 2024.

    “The CoHD in August 2024 is 28 per cent higher than what was recorded in March 2024 at N982. The food groups that have driven the increases in CoHD are legumes, nuts and seeds, starchy staples, and vegetables.

    “On a month-month basis, CoHD declined by 0.8 per cent compared to the cost in July 2024 at N1,265 and vegetables saw a decline in price by 14.5 per cent on monthly basis.”

    The report added that animal-source foods were the most expensive food group recommendation to meet in August accounting for 37 per cent of the total CoHD to provide 13 per cent of the total calories.

    It noted that fruits and vegetables were the most expensive food groups in terms of price per calorie.

    “They accounted for 11 per cent and 14 per cent, respectively, of the total CoHD while providing only seven per cent and five per cent of total calories in the Healthy Diet Basket.

    “Legumes, nuts and seeds were the least-expensive food group on average, at seven per cent of the total cost.’’

    The report also said that in recent months, the CoHD had risen faster than general inflation and food inflation.

    “However, the CoHD and the food Consumer Price Index (CPI) are not directly comparable. The CoHD includes fewer items and is measured in Naira per day, while the food CPI is a weighted index,” NBS said.

  • Nigeria’s inflation rate hits 33.69%

    Nigeria’s inflation rate hits 33.69%

    The National Bureau of Statistics (NBS) has revealed Nigeria’s headline inflation rate increased to 33.69 per cent in April 2024.

    The NBS said this in its Consumer Price Index (CPI) and Inflation Report for April, which was released in Abuja on Wednesday.

    According to the report, the figure is 0.49 per cent points higher compared to the 33.20 per cent recorded in March 2024.

    It said on a year-on-year basis, the headline inflation rate in April 2024 was 11.47 per cent higher than the rate recorded in April 2023 at 22.22 per cent.

    In addition, the report said, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29 per cent, which was 0.73 per cent lower than the rate recorded in March 2024 at 3.02 per cent.

    “This means that in April 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in March 2024.”

    The report said the increase in the headline index for April 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.

    It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.

    Others were furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverage, tobacco and kola, recreation and culture, and communication.

    It said the percentage change in the average CPI for the 12 months ending April 2024 over the average of the CPI for the previous corresponding 12-month period was 28.10 per cent.

    “This indicates a 7.28 per cent increase compared to 20.82 per cent recorded in April 2023.”

    The report said the food inflation rate in April 2024 increased to 40. 53 per cent on a year-on-year basis, which was 15.92 per cent higher compared to the rate recorded in April 2023 at 24.61 per cent.

    “The rise in food inflation on a year-on-year basis is caused by increases in prices of Garri, Millet, Akpu Uncooked Fermented (which are under the Bread and Cereals class), Yam Tuber, and Water Yam, CocoYam

    “Others are Dried Fish Sadine, Dried Catfish, Mudfish Dried, Palm Oil, Vegetable Oil, Coconut Oil , Beef Feet, Beef Head, Liver, Frozen Chicken.

    “Others are Mango, Banana, Grapefruit, Coconut, Water Melon, Lipton Tea, Bournvita, and Milo.”

    It said on a month-on-month basis, the food inflation rate in April was 2.50 per cent, which was a 1.11 per cent decreaese compared to the rate recorded in March 2024 at 3.62 per cent.

    “The fall in food inflation on a month-on-month basis was caused by a decrease in the average prices of Guinea corn flour, Plantain Flour etc (under Bread and Cereals class); Yam, Water Yam, Irish Potato, and CocoYam.

    “Others are Beer, Loacl Beer, Milo, Bournvita, Nescafe, Groundnut oil, Palm oil, egg, fresh milk, powdered milk, Tin Milk, Soft drinks, wine and fruits. ”

    The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 26.84 per cent in April on a year-on-year basis.

    “This increased by 6.87 per cent compared to 19.96 per cent recorded in April 2023.’’

    “The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”

    It said the highest increases were recorded in prices of Actual and Imputed Rentals for Housing, Journey by motorcycle, Bus Journey within a city, Consultation Fee of a medical doctor, X-ray photography among others.

    The NBS said on a month-on-month basis, the core inflation rate was 2.20 per cent in April 2024.

    “This indicates a 0.24 per cent decrease compared to what was recorded in March 2024 at 2.54 per cent.”

    “The average 12-month annual inflation rate was 22.84 per cent for the 12 months ending April 2024, this was 5.15 per cent points higher than the 17.70 per cent recorded in April 2023.”

    The report said on a year-on-year basis in April 2024, the urban inflation rate was 36 per cent, which was 12.61 per cent higher compared to the 23.39 per cent recorded in April 2023.

    “On a month-on-month basis, the uban inflation rate was 2.67 per cent, which decreased by 0.50 per cent compared to March 2024 at 3.17 per cent.’’

    The report said on a year-on-year basis in April 2024, the rural inflation rate was 31.64 per cent, which was 10.50 per cent higher compared to the 21.14 per cent recorded in April 2023.

    “On a month-on-month basis, the rural inflation rate was 1.92 per cent, which decreased by 0.95 per cent compared to March 2024 at per cent.’’

    On states’ profile analysis, the report showed in April that all items inflation rate on a year-on-year basis was highest in Kogi at 40.84 per cent, followed by Bauchi at 39.91 per cent, and Oyo at 38.37 per cent.

    It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 26.09 per cent, followed by Benue at 27.53 per cent, and Taraba at 28.69 per cent.

    The report, however, said in April 2024, all items inflation rate on a month-on-month basis was highest in Lagos at 4.52 per cent, followed by Ondo at 3.35 per cent, and Edo at 3.27 per cent.

    “Kano at 0.30 per cent, followed by Ebonyi at 0.97 per cent and Adamawa at 1.27 per cent recorded the slowest rise in month-on-month inflation.”

    The report said on a year-on-year basis, food inflation was highest in Kogi at 48.62 per cent, followed by Kwara at 46.73 per cent, and Ondo at 45.88 per cent.

    “Adamawa at 33.61 per cent, followed by Bauchi at 33.85 per cent and Nasarawa at 34.03 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

    The report, however, said on a month-on-month basis, food inflation was highest in Lagos at 4.74 per cent, followed by Edo at 4.06 per cent, and Yobe at 3.99 per cent.

    “While Kano at 0.47 per cent, followed by Adamawa at 0.98per cent and Zamfara at 1.50 per cent, recorded the slowest rise in inflation on a month-on-month basis.”

  • Nigeria’s inflation rate hits 29.90% in January – NBS

    Nigeria’s inflation rate hits 29.90% in January – NBS

    The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 29.90 per cent in January 2024 from 28.92 per cent recorded in December 2023.

    The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for December, which was released in Abuja on Thursday.

    According to the bureau, the figure is 0.98 per cent points higher compared to the 28.92 per cent recorded in December 2023.

    Similarly,the bureau said , on a year-on-year basis, the headline inflation rate was 8.08 per cent points higher compared to the rate recorded in January 2023, which was 21.82 per cent.

    .”It said on a year-on-year basis, the headline inflation rate in January 2024 was 8.08 per cent higher than the rate recorded in January 2023 at 21.82 per cent.

    In addition, the report said, on a month-on-month basis, the headline inflation rate in January 2024 was 2.64 per cent, which was 0.35 per cent higher than the rate recorded in December 2023 at 2.29 per cent.

    “This means that in January 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in December 2023.”

    The report said the increase in the headline index for January 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.

    It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.

    Others are furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverage, tobacco and kola, recreation and culture, and communication.

    The bureau said the percentage change in the average CPI for the 12 months ending January 2024 over the average of the CPI for the previous corresponding 12-month period was 25.35 per cent.

    “This indicates a 5.99 per cent increase compared to 19.36 per cent recorded in January 2023.”

    The report said the food inflation rate in January 2024 increased to 35.41 per cent on a year-on-year basis, which was 11.10 per cent higher compared to the rate recorded in January 2023 at 24.32 per cent.

    “The rise in food inflation on a year-on-year basis is caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, meat, fruit, coffee, tea, and cocoa.”

    It said on a month-on-month basis, the food inflation rate in January was 3.21 per cent, which was a 0.49 per cent increase compared to the rate recorded in December 2023 at 2.72 per cent.

    “The rise in food inflation on a month-on-month basis was caused by an increase in the average prices of potatoes, yam and other tubers, bread and cereals, fish, meat, tobacco, and vegetable.”

    The report said that “All items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 23.59 per cent in January on a year-on-year basis.

    “This increased by 4.71 per cent compared to 18.88 per cent recorded in January 2023.’’

    “The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”

    It said the highest increases were recorded in prices of passenger transport by road, medical services, actual and imputed rentals for housing, pharmaceutical products, accommodation service, and passenger transport by air, etc.

    The NBS said on a month-on-month basis, the core inflation rate was 2.24 per cent in January 2024.

    “This indicates a 0.42 per cent rise compared to what was recorded in December 2023 at 1.82 per cent.”

    “The average 12-month annual inflation rate was 21.15 per cent for the 12 months ending January 2024, this was 4.74 per cent points higher than the 16.41 per cent recorded in January 2023.”

    The report said on a year-on-year basis in January 2024, the urban inflation rate was 31.95 per cent, which was 9.40 per cent higher compared to the 22.55 per cent recorded in January 2023.

    “On a month-on-month basis, the urban inflation rate was 2.72 per cent in January representing a 0.30 per cent increase compared to December 2023 at 2.42 per cent.”

    The report said on a year-on-year basis in January 2024, the rural inflation rate was 28.10 per cent, which was 6.97 per cent higher compared to the 21.13 per cent recorded in January 2023.

    “On a month-on-month basis, the rural inflation rate was 2.57 per cent, which increased by 0.40 per cent compared to December 2023 at 2.17 per cent.’’

    On states’ profile analysis, the report showed in January, all items inflation rate on a year-on-year basis was highest in Kogi at 35.79 per cent, followed by Oyo at 34.58 per cent, and Akwa Ibom at 33.16 per cent.

    It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 22.57 per cent, followed by Taraba at 24.83 per cent, and Benue at 26.64 per cent.

    The NBS, however, said in January 2024, all items inflation rate on a month-on-month basis was highest in Ondo at 3.79 per cent, followed by Osun at 3.77 per cent, and Jigawa at 3.58 per cent.

    “Bayelsa at 0.45 per cent, followed by Yobe at 1.10 per cent and Ogun at 1.35 per cent recorded the slowest rise in month-on-month inflation.”

    The bureau said on a year-on-year basis, food inflation was highest in Kogi at 44.18 per cent, followed by Kwara at 40.87 per cent, and Rivers at 40.08 per cent.

    “Bauchi at 28.83 per cent, followed by Adamawa at 29.80 per cent and Kano at 30.08 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

    The NBS, however, said on a month-on-month basis, food inflation was highest in Ondo at 4.69 per cent, followed by Osun at 4.59 per cent, and Edo at 4.58 per cent.

    “In Bayelsa it was at 0.24 per cent, followed by Yobe at 0.97 per cent and Ogun at 1.44 per cent, recorded the slowest rise in inflation on a month-on-month basis.”

  • Nigeria’s inflation rate hits 26.72%

    Nigeria’s inflation rate hits 26.72%

    The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 26.72 per cent in September 2023.

    The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for September, released in Abuja on Monday.

    According to the report, the figure, which is 0.92 per cent points higher compared to the 25.80 per cent recorded in August 2023.

    It said on a year-on-year basis, the headline inflation rate in September was 5.94 per cent higher than the rate recorded in September 2022 at 20.77 per cent.

    The report said the increase in the headline index for September 2023 was attributed to the increase in some items in the basket of goods and services at the divisional level.

    It said these increases were observed in food and non-alcoholic beverages at 13.84 per cent and housing, water, electricity, gas, and other fuel at 4.47 per cent.

    Others were clothing and footwear at 2.04 per cent; transport at 1.74 per cent; furnishings, household equipment and maintenance at 1.34 per cent, education at 1.05 per cent, and health at 0.80 per cent.

    “Miscellaneous goods and services at 0.44 per cent; restaurant and hotels at 0.32 per cent; alcoholic beverage, tobacco and kola at 0.29 per cent; recreation and culture at 0.18 per cent, and communication at 0.18 per cent.”

    In addition, the report said, on a month-on-month basis, the headline inflation rate in September 2023 was 2.10 per cent, which was 1.08 per cent lower than the rate recorded in August 2023 at 3.18 per cent.

    “This means that in September 2023, the average price level decreased by 1.08 per cent compared to August 2023.”

    It said the percentage change in the average CPI for the 12 months ending September 2023 over the average of the CPI for the previous corresponding 12-month period was 22.90 per cent.

    “This indicates a 5.47 per cent increase compared to 17.43 per cent recorded in September 2022.”

    The report said the food inflation rate in September increased to 30.64 per cent on a year-on-year basis, which was 7.30 per cent higher compared to the rate recorded in September 2022 at 23.34 per cent.

    “The rise in food inflation is caused by increases in prices of oil and fats, bread and cereals, fish, potatoes, yams and other tubers, fruits, meat, vegetable, milk, cheese and eggs. ”

    It said on a month-on-month basis, the food inflation rate in September was 2.45 per cent, which was a 1.41 per cent drop compared to the rate recorded in August 2023 at 3.87 per cent.

    “The decline in food inflation on a month-on-month basis was caused by a decrease in the average prices of bread and cereals, potatoes, yam and other tubers, bread, and fruits and fish. ”

    The report said the “All items less farm produce’’ or core inflation, which excludes the prices of volatile agricultural produce and petroleum motor spirit stood at 21.84 per cent in September on a year-on-year basis.

    “This increased by 4.35 per cent compared to 17. 49per cent recorded in September 2022.’’

    “The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”

    It said the highest increases were recorded in prices of passenger transport by air and road, medical services, maintenance, and repair of personal transport equipment, etc.

    The NBS said on a month-on-month basis, the core inflation rate was 2.22 per cent in September 2023.

    “This indicates a 0.05 per cent rise compared to what was recorded in August 2023 at 2.18 per cent.”

    “The average 12-month annual inflation rate was 19.55 per cent for the 12 months ending September 2023, this was 4.48 per cent points higher than the 15.07 per cent recorded in September 2022.”

    The report said on a year-on-year basis in September, the urban inflation rate was 28.68 per cent, which was 7.43 per cent higher compared to the 21.25 per cent recorded in September 2022.

    “On a month-on-month basis, the urban inflation rate was 2.24 per cent in September representing a 1.05 per cent decline compared to August 2023 at 3.29 per cent.’’

    The report said on a year-on-year basis in September, the rural inflation rate was 24.94 per cent, which was 4.62 per cent higher compared to the 20.32 per cent recorded in September 2022.

    “On a month-on-month basis, the rural inflation rate was 1.96 per cent, which decreased by 1.12 per cent compared to August 2023 at 3.08 per cent.’’

    On states’ profile analysis, the report showed in September, all items inflation rate on a year-on-year basis was highest in Kogi at 32.95 per cent, followed by Rivers at 30.63 per cent, and Lagos at 30.04 per cent.

    It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 21.05 per cent, followed by Jigawa at 22.39 per cent, and Benue at 23.22 per cent.

    The report, however, said in September 2023, all items inflation rate on a month-on-month basis was highest in Taraba at 3.39 per cent, Bauchi at 3.38 per cent, and Niger at 3.28 per cent.

    “Borno at 0.71 per cent, followed by Ekiti at 1.05 per cent and Benue at 1.13 per cent recorded the slowest rise in month-on-month inflation.”

    The report said on a year-on-year basis, food inflation was highest in Kogi at 39.37 per cent, followed by Rivers at 35.95 per cent and Lagos at 35.66 per cent.

    “Jigawa at 23.41 per cent, followed by Borno at 25.29 per cent and Sokoto at 25.38 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

    The report, however, said on a month-on-month basis, food inflation was highest in Akwa Ibom at 4.23 per cent, followed by Niger at 4.19 per cent and Ebonyi at 3.74 per cent.

    “With Cross River at 0.31 per cent, followed by Borno at 0.62 per cent and Bayelsa at 0.73per cent recorded the slowest rise on month-on-month food inflation.’’

  • Nigeria’s inflation rate hits 25.80%

    Nigeria’s inflation rate hits 25.80%

    The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 25.80 per cent in August 2023.

    The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for August, which was released in Abuja on Friday.

    According to the report, the figure, which  is 1.72 per cent points higher compared to the 24.08 per cent recorded in July 2023.

    It said on a year-on-year basis, the headline inflation rate in August was 5.27 per cent higher than the rate recorded in August 2022 at 20.52 per cent.

    “This shows that the headline inflation rate (year-on-year basis) increased in August 2023 when compared to the same period in August 2022.”

    The report said the contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages at 13.36 per cent and housing, water, electricity, gas, and other fuel at 4.32 per cent.

    Others were clothing and footwear at 1.97 per cent; transport at 1.68 per cent; furnishings, household equipment and maintenance at 1.30 per cent education at 1.02 per cent, and health at 0.78 per cent.

    “Miscellaneous goods and services at 0.43 per cent; restaurant and hotels at 0.31 per cent; alcoholic beverage, tobacco and kola at 0.28 per cent; recreation and culture at 0.18 per cent, and communication at 0.18 per cent.”

    In addition, the report said, on a month-on-month basis, the headline inflation rate in August 2023 was 3.18 per cent, which was 0.29 per cent higher than the rate recorded in July 2023 at 2.89 per cent.

    ” This means that in August 2023, on average, the general price level was 0.29 per cent higher relative to July 2023.”

    It said the percentage change in the average CPI for the 12 months ending August 2023 over the average of the CPI for the previous 12-month period was 22.38 per cent.

    “This indicates a 5.31 per cent increase compared to 17.07 per cent recorded in August 2022.”

    The report said the food inflation rate in August was 29.34 per cent on a year-on-year basis, which was 6.22 per cent higher compared to the rate recorded in August 2022 at 23.12 per cent.

    “The rise in food inflation is caused by increases in prices of oil and fats, bread and cereals, fish, potatoes, yams and other tubers, fruits, meat, vegetable, milk, cheese and eggs. ”

    It said on a month-on-month basis, the food inflation rate in August was 3.87 per cent, which was a 0.41 per cent rise compared to the rate recorded in July at 3. 45 per cent.

    “The rise in food inflation on a month-on-month basis was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fish, oil, and fat, coffee, tea and cocoa”

    The report said the “All items less farm produce’’ or core inflation, which excludes the prices of volatile agricultural produce stood at 21.15 per cent in August on a year-on-year basis.

    “This increased by 4.03 per cent compared to 17.12 per cent recorded in August 2022.’’

    It said the highest increases were recorded in prices of passenger transport by air and road, gas, vehicle spare parts, medical services, maintenance, and repair of personal transport equipment, etc.

    The NBS said on a month-on-month basis, the core inflation rate was 2.18 per cent in August 2023.

    “This indicates a 0.07 per cent rise compared to what was recorded in July 2023 at 2.11 per cent.”

    “The average 12-month annual inflation rate was 19.18 per cent for the 12 months ending August 2023, this was 4.38 per cent points higher than the 14.80 per cent recorded in August 2022.”

    The report said on a year-on-year basis in August, the urban inflation rate was 27.69 per cent, which was 6.73 per cent higher compared to the 20.95 per cent recorded in August 2022.

    “On a month-on-month basis, the urban inflation rate was 3.29 per cent in August representing a 0.24 per cent rise compared to July 2023 at 3.05 per cent.’’

    The report said on a year-on-year basis in August, the rural inflation rate was 24.10 per cent, which was 3.98 per cent higher compared to the 20.12 per cent recorded in August 2022.

    “On a month-on-month basis, the rural inflation rate was 3.08 per cent, which increased by 0.34 per cent compared to July 2023 at 2.74 per cent.’’

    On states’ profile analysis, the report showed in August, all items inflation rate on a year-on-year basis was highest in Kogi at 31.50 per cent, followed by Lagos at 29.17 per cent, and Rivers at 29.06 per cent.

    It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Sokoto at 20.91 per cent, followed by Borno at 21.77 per cent, and Nasarawa at 22.25 per cent.

    The report, however, said in August 2023, all items inflation rate on a month-on-month basis was highest in Kwara at 6.07 per cent, Osun at 4.36 per cent, and Kogi at 4.35 per cent.

    “Sokoto at 1.38 per cent, followed by Borno at 1.73 per cent and Ogun at 1.89 per cent recorded the slowest rise in month-on-month inflation.”

    The report said on a year-on-year basis, food inflation was highest in Kogi at 38.84 per cent, followed by Lagos at 36.04 per cent, and Kwara at 35.33 per cent.

    “Sokoto at 20.09 per cent, followed by Nasarawa at 24.35 per cent and Jigawa at 24.53 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

    The report, however, said on a month-on-month basis, food inflation was highest in Rivers at 7.12 per cent, followed by Kwara at 5.89 per cent and Kogi at 5.80 per cent.

    “With Sokoto at 0.50 per cent, followed by Abuja at 1.30 per cent and Niger at 1.40 per cent recorded the slowest rise on month-on-month food inflation.’’

  • SEE FULL LIST of States where food prices are rising the fastest

    SEE FULL LIST of States where food prices are rising the fastest

    The National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate increased to 24.08 per cent in July 2023.

    The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for July, which was released in Abuja on Tuesday.

    TheNewsGuru.com (TNG) reports the CPI and Inflation Report also revealed the of States where food prices are rising the fastest.

    FULL LIST: The states where food prices are rising the fastest:

    1. Kogi: 34.53%
    2. Lagos: 32.52%
    3. Bayelsa: 31.31%
    4. Kwara: 30.87%
    5. Imo: 30.28%
    6. Ekiti: 30.19%
    7. Ondo: 30.14%
    8. Ogun: 30.12%
    9. Edo: 29.89%
    10. Akwa Ibom: 29.61%
    11. Delta: 28.93%
    12. Abia: 28.77%
    13. Abuja: 28.38%
    14. Osun: 28.28%
    15. Rivers: 28.23%
    16. Enugu: 28.11%
    17. Cross River: 27.87%
    18. Oyo: 27.84%
    19. Kaduna: 27.73%
    20. Ebonyi: 27.62%
    21. Anambra: 26.48%
    22. Niger: 26.11%
    23. Benue: 25.78%
    24. Bauchi: 25.21%
    25. Gombe: 25.15%
    26. Kano: 24.63%
    27. Katsina: 24.54%
    28. Adamawa: 24.36%
    29. Plateau: 24.27%
    30. Nassarawa: 23.81%
    31. Yobe: 23.31%
    32. Zamfara: 23.22%
    33. Borno: 23.16%
    34. Taraba: 22.99%
    35. Kebbi: 22.45%
    36. Sokoto: 21.63%
    37. Jigawa: 20.90%

    Meanwhile, according to the report, the figure is 1.29 per cent points higher compared to the 22.79 per cent recorded in June.

    It said on a year-on-year basis, the headline inflation rate in July was 4.44 per cent higher than the rate recorded in July 2022 at 19.64 per cent.

    It added:”This shows that the headline inflation rate (year-on-year basis) increased in July 2023 when compared to the same period in July 2022.”

    The report said that the contributions of items on the divisional level to the increase in the headline index were food and non-alcoholic beverages at 12.47 per cent and housing, water, electricity, gas and other fuel at 4.03 per cent.

    Others were; clothing and footwear at 1.84 per cent; transport at 1.57 per cent; furnishings, household equipment and maintenance at 1.21 per cent and education at 0.97 per cent, and health at 0.72 per cent.

    The report said: “Miscellaneous goods and services at 0.40 per cent; restaurant and hotels at 0.29 per cent; alcoholic beverage, tobacco and kola nut at 0.26 per cent; recreation and culture at 0.17 per cent, and communication at 0.16 per cent.”

    In addition, the report said , on a month-on-month basis, the headline inflation rate in July 2023 was 2.89 per cent, which was 0.76 per cent higher than the rate recorded in June 2023 at 2.13 per cent.

    It added: ” This means that in July 2023, on average, the general price level was 0.76 per cent higher relative to June 2023.”

    It said the percentage change in the average CPI for the 12 months ending July 2023 over the average of the CPI for the previous 12 months period was 21.92 per cent.

    The report added: “This indicates a 5.17 per cent increase compared to 16.75 per cent recorded in July 2022.”

    It said that the food inflation rate in July was 26.98 per cent on a year-on-year basis, which was 4.97 per cent higher compared to the rate recorded in July 2022 at 22. 02 per cent.

    The report continued: “The rise in food inflation is caused by increases in prices of oil and fats, bread and cereals, fish, potatoes, yams and other tubers, fruits, meat, vegetable, milk, cheese and eggs. ”

    It said on a month-on-month basis, the food inflation rate in July was 3.45 per cent, which was a 1.06 per cent rise compared to the rate recorded in June at 2.40 per cent.

    “The rise in food inflation on a month-on-month basis was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fish, oil, and fat,” the report said further.

    It said: “The all items less farm produce or core inflation, which excludes the prices of volatile agricultural produce stood at 20.47 per cent in July on a year-on-year basis.

    “This increased by 4.41 per cent compared to 16.06 per cent recorded in July 2022.’’

    The report said the highest increases were recorded in prices of passenger transport by air and road, gas, vehicles spare parts, medical services, maintenance, and repair of personal transport, among others.

    The NBS said on a month-on-month basis, the core inflation rate was 2.11 per cent in July 2023.

    It added: “This indicates a 0.34 per cent rise compared to what was recorded in June 2023 at 1.77 per cent.

    “The average 12-month annual inflation rate was 18.84 per cent for the 12 months ending July 2023.

    “This was 4.31 per cent points higher than the 14.53 per cent recorded in July 2022.”

    The report said on a year-on-year basis in July, the urban inflation rate was 25.83 per cent, which was 5.74 per cent higher compared to the 20.09 per cent recorded in July 2022.

    It said: “On a month-on-month basis, the urban inflation rate was 3.05 per cent in July representing a 0.75 per cent rise compared to June 2023 at 2.31 per cent.’’

    The report said on a year-on-year basis in July, the rural inflation rate was 22.49 per cent, which was 3.26 per cent higher compared to the 19.22 per cent recorded in July 2022.

    It added: “On a month-on-month basis, the rural inflation rate in July was 2.74 per cent, which increased by 0.78 per cent compared to June 2023 at 1.96 per cent.’’

    On states’ profile analysis, the report showed in July, all items inflation rate on a year-on-year basis was highest in Kogi at 28.45 per cent, followed by Lagos at 27.30 per cent, and Ondo at 26.83 per cent.

    It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 20.71 per cent, followed by Jigawa at 20.85 per cent, and Sokoto at 20.92 per cent.

    The report, however, said in July 2023, all items inflation rate on a month-on-month basis was highest in Kogi at 4.99 per cent, Abia at 4.12 per cent, and Akwa Ibom at 4.07 per cent.

    It added: “Jigawa at 0.16 per cent, followed by Taraba at 1.09 per cent and Yobe at 1.10 per cent recorded the slowest rise in month-on-month inflation.”

    The report said food inflation in June, on a year-on-year basis, was highest in Kogi at 34.53 per cent, followed by Lagos at 32.52 per cent, and Bayelsa at 31.31 per cent.

    It added: “Jigawa at 20.90 per cent, followed by Sokoto at 21.63 per cent and Kebbi at 22.45 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

    The report, however, said on a month-on-month basis, in July, food inflation was highest in Kogi at 6.73 per cent, followed by Akwa Ibom at 5.64 per cent and Bayelsa at 4.59 per cent.

    It said: “With Taraba at -0.21per cent, followed by Jigawa at 0.28 per cent and Yobe at 0.90 per cent recorded the slowest rise on month-on-month food inflation.’’

  • Traders, consumers lament as Nigeria’s inflation rate hits 22.22%

    Traders, consumers lament as Nigeria’s inflation rate hits 22.22%

    The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 22.22 per cent on a year-on-year basis in April 2023.

    This is according to the NBS Consumer Price Index (CPI) and Inflation Report for April 2023 released in Abuja on Tuesday.

    According to the report, the figure is 0.18 per cent points higher compared to the 22.04 per cent recorded in March 2023.

    It said on a year-on-year basis, the headline inflation rate in March 2023 was 5.40 per cent higher than the rate recorded in April 2022 at 16.82 per cent.

    “This shows that the headline inflation rate (year-on-year basis) increased in April 2023 when compared to the same period in April 2022,’’ it said.

    The report showed that contributions of items on divisional level increase in the headline index, are food and non-alcoholic beverages at 11.51 per cent.

    While housing, water, electricity, gas and other fuel at 3.72 per cent.

    Others are clothing and footwear at 1.70 per cent; transport at 1.45 per cent; furnishings, household equipment and maintenance at 1.12 per cent and education at 0.88 per cent, and health at 0.67 per cent.

    “Miscellaneous goods and services at 0.37 per cent; restaurant and hotels at 0.27 per cent; alcoholic beverage, tobacco and kola at 0.24 per cent; recreation and culture at 0.15 per cent and communication at 0.15 per cent.”

    It said the percentage change in the All-Items Index in April 2023 was 1.91 per cent on a month-on-month basis.

    “This indicates a 0.05 per cent increase compared to the 1.86 per cent recorded in March 2023.

    ”This means that in April 2023, on average, the general price level was 0.05 per cent higher relative to March 2023.”

    The percentage change in the average CPI for the 12 months ending April 2023 over the average of the CPI for the previous 12 months period was 20.82 per cent.

    “This indicates a 4.37 per cent increase compared to the 16.45 per cent recorded in April 2022.’’

    It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

    The report said the food inflation rate in April 2023 was 24.61 per cent on a year-on-year basis, which was 6.24 per cent higher compared to the rate recorded in April 2022 at 18.37 per cent.

    “The rise in food inflation is caused by increases in prices of bread and cereals, potatoes, yams and other tubers, and oil and fat, fish, vegetable, fruits, meat, and spirits.”

    It said on a month-on-month basis, the food inflation rate in April was 2.13 per cent, which was a 0.06 per cent rise compared to the rate recorded in March 2023 at 2.07 per cent.

    The report said the “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 20.14 per cent in April 2023 on a year-on-year basis.

    “This increased by 5.96 per cent compared to 14.18 per cent recorded in April 2022.’’

    “On a month-on-month basis, the core inflation rate was 1.46 per cent in April 2023, which was a 0.78 per cent drop compared to what it stood at in March 2023 at 1.84 per cent.”

    According to the report, the highest increases were recorded in prices of gas, passenger transport by Air, liquid fuel, fuels, lubricants for Personal transport equipment, and vehicles spare parts.

    “Others are maintenance and repair of personal transport equipment and solid fuel, medical services, and passenger transport by road, among others.

    “The average 12-month annual inflation rate was 17.91 per cent for the 12 months ending April 2023, this was 4.23 per cent points higher than the 13.68 per cent recorded in April 2022.”

    The report said on a year-on-year basis in April 2023, that the urban inflation rate was 23.39 per cent, which was 6.05 per cent higher compared to the 17.35 per cent recorded in April 2022.

    “On a month-on-month basis, the urban inflation rate was 2.05 per cent in April 2023, representing a 0.05 per cent rise compared to March 2023 at 2.00 per cent.’’

    It said the corresponding 12-month average for the urban inflation rate was 21.50 per cent in April 2023.

    “This was 4.49 per cent higher compared to the 17.01 per cent reported in April 2022.’’

    The report said on a year-on-year basis in April 2023, the rural inflation rate was 21.14 per cent, which was 4.82 per cent higher compared to the 16.32 per cent recorded in April 2022.

    “On a month-on-month basis, the rural inflation rate in April 2023 was 1.78 per cent, which increased by 0.06 per cent compared to March 2023 at 1.72 per cent.’’

    It said the corresponding 12-month average for the rural inflation rate in April 2023 was 20.18 per cent, which was 4.27 per cent higher compared to the 15.91 per cent recorded in April 2022.

    On states’ profile analysis, the report showed in April 2023, all items inflation rate on a year-on-year basis was highest in Bayelsa at 26.14 per cent, followed by Kogi at 25.57 per cent, and Rivers at 24.95 per cent.

    It, however, said the slowest rise in headline year-on-year inflation was recorded in Borno at 19.60 per cent, followed by Taraba at 19.64 per cent, and Sokoto at 19.90 per cent.

    The report, however, said in April 2023, all items inflation rate on a month-on-month basis was highest in Cross River at 3.05 per cent, Bayelsa at 2.92 per cent and Rivers at 2.62 per cent.

    “Katsina at 0.52 per cent, followed by Jigawa at 0.74 per cent and Osun at 0.96 per cent recorded the slowest rise in month-on-month inflation.”

    The report said food inflation in April 2023, on a year-on-year basis, was highest in Kogi at 29.50 per cent, followed by Kwara at 29.48 per cent, and Bayelsa at 29.38per cent.

    “Sokoto at 19.55 per cent, followed by Taraba at 20.20 per cent and Jigawa at 20.68 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

    The report, however, said on a month-on-month basis, April 2023 food inflation was highest in Cross River at 4.65 per cent, followed by Bayelsa at 3.61 per cent, and Ekiti at 3.49 per cent.

    ”With Jigawa at 0.14 per cent, followed by Katsina at 0.44 per cent and Osun at 0.62 per cent recorded the slowest rise on month-on-month inflation.’’

    Traders, consumers lament tomatoes price hike

    Meanwhile, some tomato traders and consumers have lamented the recent scarcity and hike in the price of the produce in the country.

    They said this in separate interviews with the NAN on Tuesday in Lagos.

    The traders who attributed the scarcity and hike to seasonal occurrence said there was nothing they could do but to sell in accordance with the market value.

    They, however, predicted that the scarcity would likely last till late September or early October.

    Mr Musa Yakubu, a tomatoes trader in a popular Ile-epo market at the Alimosho Local Government, said the boom season of tomatoes had past.

    Yakubu added that harvest season of tomatoes was over, hence the recent hike in the price of the produce.

    “The tomatoes specie available currently is the plum tomatoes from the south, popularly known for its high water content and tangy taste,” Yakubu said.

    On his part, Mr Umar Yusuf, another tomatoes seller, said the scarcity of the produce led to the hike in the price of the produce.

    “Tomatoes are currently expensive because they are out of season, transporting them from north to south is also a major factor that has affected price hike of the produce.

    “A medium basket of tomatoes goes between N24,000 and N30,000 depending on the size of the fruit, while a raffia basket sells for N42,000.

    “A small basket of tomatoes presently sells at N16,000 as against N5,000 or N6,000 in March/April, this is because the produce is out of season.

    “There is nothing we can do about it, it is a seasonal scarcity,” Yusuf said.

    Some of the consumers said they have no choice but to improvise the use of tomatoes in their cooking due to the price hike.

    Mrs Josephine Kallo, a resident at Amuwo-Odofin area of the state, says she buys only what she can afford.

    “The cost of tomatoes has risen astronomically, we used to buy a small paint bucket for N1,500 some weeks ago but now it goes for as high as N4,000.

    “The traders said that we are out of the season of tomatoes as the rains have begun and it is destroying the crops.

    “We have no choice but to buy what we can afford or improvise to make meals for our families,” Kallo said.

    Another resident in Ojo area of the state, Mrs Nelice Jaule, said since the scarcity of the produce, she no longer buys fresh tomatoes.

    “I don’t buy fresh tomatoes again since the recent hike in the price. In spite of the price increase, the quantity is nothing to take home.

    “We now make use of tin tomatoes, red bell peppers, habanero pepper and a lot of onions for our stews as tomatoes have become gold,” Jaule said.

    Mrs Patricia Amanyi, a resident at Isolo area of the state, called for preservation measures for the produce to avert recurrence.

    “This seasonal scarcity and consequent hike in tomatoes price is something we have observed over the years.

    ‘Since the price hike this year, I have not bought tomatoes, I make use of tomatoes that I preserved in January, February and March during the peak season.

    “If we can get to learn how to preserve tomatoes in its peak season, we will not face this annual scarcity and hike in the price of the produce,” Amanyi said.

  • Inflation rate in Nigeria hits 22.04% – NBS

    Inflation rate in Nigeria hits 22.04% – NBS

    The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 22.04 per cent on a year-on-year basis in March 2023.

    This is according to the NBS Consumer Price Index (CPI) and Inflation Report for March 2023 released in Abuja on Monday.

    According to the report, the figure is 0.13 per cent points higher compared to the 21.91 per cent recorded in February 2023.

    It said on a year-on-year basis, the headline inflation rate in March 2023 was 6.13 per cent higher than the rate recorded in March 2022 at 15.92 per cent.

    “This shows that the headline inflation rate (year-on-year basis) increased in March 2023 when compared to the same period in March 2022.”

    The report said the contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages at 11.42 per cent and housing, water, electricity, gas and other fuel at 3.69 per cent.

    Others are clothing and footwear at .69 per cent; transport at 1.43 per cent; furnishings, household equipment and maintenance at 1.11 per cent and education at 0.87 per cent and health at 0.66 per cent.

    “Miscellaneous goods and services at 0.37 per cent; restaurant and hotels at 0.27 per cent; alcoholic beverage, tobacco and kola at 0.24 per cent; recreation and culture at 0.15 per cent and communication at 0.15 per cent.”

    It said the percentage change in the All-Items Index in March 2023 was 1.86 per cent on a month-on-month basis.

    “This indicates a 0.15 per cent increase compared to the 1.71 per cent recorded in February 2023.

    ” This means that in March 2023, on average, the general price level was 0.15 per cent higher relative to February 2023.”

    The percentage change in the average CPI for the 12 months ending March 2023 over the average of the CPI for the previous 12 months period was 20.37 per cent.

    “This indicates a 3.83 per cent increase compared to the 16.54 per cent recorded in March 2022.’’

    It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

    The report said the food inflation rate in March 2023 was 24.45 per cent on a year-on-year basis, which was 7.25 per cent higher compared to the rate recorded in March 2022 at 17.20 per cent.

    “The rise in food inflation is caused by increases in prices of bread and cereals, potatoes, yams and other tubers, and oil and fat, fish, vegetable, fruits, meat, and spirits.”

    It said on a month-on-month basis, the food inflation rate in March was 2.07 per cent, which was a 0.16 per cent rise compared to the rate recorded in February 2023 at 1.90 per cent.

    The report said the “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 19.86 per cent in March 2023 on a year-on-year basis.

    “This increased by 5.94 per cent compared to 13.91 per cent recorded in March 2022.’’

    “On a month-on-month basis, the core inflation rate was 1.84 per cent in March 2023, which was a 0.78 per cent rise compared to what it stood at in February 2023 at 1.06 per cent.”

    According to the report, the highest increases were recorded in prices of gas, passenger transport by Air, liquid fuel, fuels, lubricants for Personal transport equipment, and vehicles spare parts.

    “Others are maintenance and repair of personal transport equipment and solid fuel, medical services, and passenger transport by road, among others.

    “The average 12-month annual inflation rate was 17.41 per cent for the 12 months ending March 2023, this was 3.85 per cent points higher than the 13.56 per cent recorded in March 2022.”

    The report said on a year-on-year basis in March 2023, that the urban inflation rate was 23.07 per cent, which was 6.63 per cent higher compared to the 16.44 per cent recorded in March 2022.

    “On a month-on-month basis, the urban inflation rate was 2.00 per cent in March 2023, representing a 0.15 per cent rise compared to February 2023 at 1.85 per cent.’’

    It said the corresponding 12-month average for the urban inflation rate was 21.00 per cent in March 2023.

    “This was 3.90 per cent higher compared to the 17.10 per cent reported in March 2022.’’

    The report said on a year-on-year basis in March 2023, the rural inflation rate was 21.09 per cent, which was 5.67 per cent higher compared to the 15.42 per cent recorded in March 2022.

    “On a month-on-month basis, the rural inflation rate in March 2023 was 1.72 per cent, which increased by 0.14 per cent compared to February 2023 at 1.58 per cent.’’

    It said the corresponding 12-month average for the rural inflation rate in March 2023 was 19.79 per cent, which was 3.79 per cent higher compared to the 16.00 per cent recorded in March 2022.

    On states’ profile analysis, the report showed in March 2023, all items inflation rate on a year-on-year basis was highest in Ondo at 25.38 per cent, followed by Bayelsa at 24.80 per cent, and Lagos at 24.66 per cent.

    It, however, said the slowest rise in headline year-on-year inflation was recorded in Borno at 10.18 per cent, followed by Cross River/Sokoto at 19.24 per cent, and Benue at 20.01 per cent.

    The report, however, said in March 2023, all items inflation rate on a month-on-month basis was highest in Bayelsa at 2.58 per cent, Nasarawa at 2.54 per cent and Lagos at 2.41 per cent.

    “Anambra at 1.03 per cent followed by Ebonyi at 1.14 per cent and Zamfara at 1.27 per cent recorded the slowest rise in month-on-month inflation.”

    The report said food inflation in March 2023, on a year-on-year basis, was highest in Kwara at 28.48 per cent, followed by Ondo at 28.22 per cent, and Lagos at 27.92 per cent.

    “Sokoto at 18.99 per cent, followed by Zamfara at 20.57 per cent and Plateau at 21.38 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

    The report, however, said on a month-on-month basis, March 2023 food inflation was highest in Bayelsa at 3.11 per cent, followed by Rivers at 3.00 per cent, and Ondo at 2.98 per cent.

    “With Bauchi at 1.03 per cent, followed by Zamfara at 1.08 per cent and Ogun at 1.13 per cent recorded the slowest rise on month-on-month inflation.’’

  • Nigeria’s inflation rate hits 21.82%

    Nigeria’s inflation rate hits 21.82%

    The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 21.82 per cent on a year-on-year basis in January 2023.

    This is according to the NBS Consumer Price Index (CPI) and Inflation Report for January 2023 released in Abuja on Wednesday.

    According to the report, the figure is 6.22 per cent points higher compared to the 15.60 per cent recorded in January 2022.

    It said on a month-on-month basis, the Headline inflation rate in January 2023 was 0.47 per cent higher than the rate recorded in December 2022 at 21.34 per cent.

    The report said the increase in the inflation rate was largely attributed to the rise in prices of Bread and Cereal at 21.67 per cent.

    “Actual and Imputed Rent at 7.74 per cent, Potatoes, Yam and Tuber at 6.06 per cent, Vegetables at 5.44 per cent, and Meat at 4.78 per cent.’’

    It said the percentage change in the average CPI for the 12 months ending January 2023 over the average of the CPI for the previous 12 months period was 19.36 per cent.

    “This indicates a 2.49 per cent increase compared to the 16.87 per cent recorded in January 2022.’’

    It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

    The report said the food inflation rate in January 2023 was 24.32 per cent on a year-on-year basis, which was 7.19 per cent higher compared to the rate recorded in January 2022 at 17.13 per cent.

    “The rise in food inflation is caused by increases in prices of bread and cereals, potatoes, yams and other tubers, and oil and fat, fish, vegetable, fruits, meat, and food products.’’

    It said on a month-on-month basis, the food inflation rate in January was 2.08 per cent, which was a 0.19 per cent rise compared to the rate recorded in December 2022 at 1.89 per cent.

    According to the report, the increase was attributed to a rise in prices of some food items like oil and fat, bread and cereals, fish, potatoes, and yam and tubers.

    “The average annual rate of food inflation for the 12 months ending January 2023 was 21.53 per cent, which was a 1.44 per cent points increase from the average annual rate of change recorded in January 2022 at 20.09 per cent.

    The report said the “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 19.16 per cent in January 2023 on a year-on-year basis.

    “This increased by 5.29 per cent compared to 13.87 per cent recorded in January 2022.’’

    On a month-on-month basis, the core inflation rate was 1.82 per cent in January 2023, which was a 0.49 per cent rise compared to what it stood at in December 2022 at 1.33 per cent.

    According to the report, the highest increases were recorded in prices of gas, liquid fuel, and passenger transport by air, vehicle spare parts, fuels, and lubricants for personal transport, equipment, solid fuel, etc.

    “The average 12-month annual inflation rate was 16.52 per cent for the 12 months ending January 2023, this was 3.19 per cent points higher than the 13.33 per cent recorded in January 2022.”

    The report said on a year-on-year basis in January 2023, that the urban inflation rate was 22.55 per cent, which was 6.38 per cent higher compared to the 16.17 per cent recorded in January 2022.

    “On a month-on-month basis, the urban inflation rate was 1.98 per cent in January 2023, representing a 0.17 per cent increase compared to December 2022 at 1.80 per cent.’’

    It said the corresponding 12-month average for the urban inflation rate was 19.91 per cent in January 2023.

    “This was 2.48 per cent higher compared to the 17.44 per cent reported in January 2022.’’

    The report said on a year-on-year basis in January 2023, the rural inflation rate was 21.13 per cent, which was 6.08 per cent higher compared to the 15.06 per cent recorded in January 2022.

    “On a month-on-month basis, the rural inflation rate in January 2023 was 1.77 per cent, which increased by 0.14 per cent compared to December 2022 at 1.13 per cent.’’

    It said the corresponding 12-month average for the rural inflation rate in January 2023 was 18.84 per cent, which was 2.53 per cent higher compared to the 16.31 per cent recorded in January 2022.

    On states’ profile analysis, the report showed in January 2023, all items inflation rate on a year-on-year basis was highest in Bauchi at 24.79 per cent, followed by Ondo at 24.54 per cent, and Anambra at 24.51 per cent.

    It, however, said the slowest rise in headline year-on-year inflation was recorded in Jigawa at 19.09 per cent, followed by Borno at 19.62 per cent, and Sokoto at 19.90 per cent.

    The report, however, said in January 2023, all items inflation rate on a month-on-month basis was highest in Lagos at 2.91 per cent, Taraba at 2.84 per cent and Ondo at 2.68 per cent.

    “While Yobe at 0.54 per cent followed by Jigawa at 0.73 per cent and Oyo at 0.87 per cent recorded the slowest rise in month-on-month inflation.”

    The report said food inflation in January 2023, on a year-on-year basis, was highest in Kwara at 29.03 per cent, followed by Lagos at 27.67 per cent, and Ondo at 27.38 per cent.

    “Jigawa at 19.22 per cent, followed by Sokoto at 20.80 per cent and Yobe at 21.32 per cent recorded the slowest rise on year-on-year food inflation.’’

    The report, however, said on a month-on-month basis, January 2023 food inflation was highest in Lagos at 3.67 per cent, followed by Ogun at 3.54 per cent, and Ekiti at 3.32 per cent.

    “While Yobe at -0.50 per cent, followed by Jigawa at 0.18 per cent and Kebbi at 0.92 per cent recorded the slowest rise on month-on-month inflation.’’

  • Inflation rate in Nigeria rises to 21.09% in October

    Inflation rate in Nigeria rises to 21.09% in October

    The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 21.09 per cent on a year-on-year basis in October 2022.

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

    According to the report, the figure is 5.09 per cent points higher compared to 15.99 per cent recorded in October 2021.

    “This shows that the general price level for the headline inflation rate increased in October 2022 when compared to the same month in the preceding year.

    “Meaning that in October 2022, the general price level was 5.09 per cent higher relative to October 2021.’’

    According to the report, factors responsible for the increase in annual inflation rate include disruption in the supply of food products.

    It said other factors were increased in import cost due to the persistent currency depreciation and a general increase in the cost of production such as the increase in energy cost.

    The report said on a month-on-month basis, the Headline inflation rate in October 2022 was 1.24 per cent, which was 0.11 per cent lower than the rate recorded in September 2022 at 1.36 per cent.

    “This means that in October 2022, the general price level for the headline inflation rate on a month–on–month basis declined by 0.11 per cent.’’

    According to the report, the factor responsible for the decline in the monthly inflation rate is a decline in the current month’s food index relative to the reference month index, which is due to the harvest season.

    The report said the percentage change in the average CPI for the 12 months ending October 2022 over the average of the CPI for the previous 12 months period was 17.86 per cent

    “This indicates a 0.91 per cent increase compared to the 16.96 per cent recorded in October 2021.’’

    It said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

    The report said the food inflation rate in October 2022 was 23.72 per cent on a year-on-year basis, which was 5.39 per cent higher compared to the rate recorded in October 2021 at 18.34 per cent.

    “The rise in food inflation is caused by increases in prices of bread and cereals, food products, potatoes, yams and other tubers, oil and fat.’’

    It said on a month-on-month basis, the food inflation rate in October was 1.23 per cent, which was a 0.21 per cent decline compared to the rate recorded in September 2022 at 1.43 per cent.

    “This decline was attributed to the reduction in prices of some food items like tubers, palm oil, maize, beans, and vegetables.

    “The average annual rate of food inflation for the 12- months ending October 2022 was 19.83 per cent , which was a 0.92 per cent points decline from the average annual rate of change recorded in October 2021 at 20.75 per cent.’’

    The report said on a year-on-year basis in October 2022, the urban inflation rate was 21.63 per cent, which was 5.11 per cent higher compared to the 16.52 per cent recorded in October 2021.

    “On a month-on-month basis, the urban inflation rate was 1.33 per cent in October 2022, this was a 0.12 per cent decline compared to
    September 2022 at 1.46 per cent.’’

    It said the corresponding 12-month average for the urban inflation rate was 18.38 per cent in October 2022.

    “This was 0.85 per cent higher compared to the 17.53 per cent reported in October 2021.’’

    The report said on a year-on-year basis in October 2022, the rural inflation rate was 20.57 per cent, which was 5.09 per cent higher compared to the 15.48 per cent recorded in October 2021.

    “On a month-on-month basis, the rural inflation rate in October 2022 was 1.16 per cent , which declined by 0.11 per cent compared to September 2022 at 1.27 per cent.’’

    It said the corresponding 12-month average for the rural inflation rate in October 2022 was 17.38 per cent, which was 0.98 per cent higher compared to the 16.39 per cent recorded in October 2021.

    On states’ profile analysis, the report showed in October 2022, all items inflation rate on a year-on-year basis was highest in Kogi at 25.15 per cent, followed by Bauchi at 23.45 per cent, and Ondo at 23.45 per cent.

    It, however, said the slowest rise in headline year-on-year inflation was recorded in Plateau at 19.02 per cent followed by Borno at 19.31per cent and Nasarawa at 19.39 per cent.

    The report, however said in October 2022, all items inflation rate on a month-on-month basis was highest in Abuja at 3.18 per cent, followed by Kebbi at 2.80 per cent and Sokoto at 2.57 per cent.

    “Kwara at -0.14 per cent, followed by Kogi at 0.06 per cent and Oyo at 0.30 per cent recorded the slowest rise on month-on-month inflation.’’

    The report said food inflation in October 2022, on a year-on-year basis was highest in Kwara by 30.79 per cent, followed by Kogi at 28.74 per cent and Imo at 28.64 per cent.

    “Kaduna at 19.96 per cent, followed by Plateau at 20.17 per cent and Jigawa at 20.42 per cent recorded the slowest rise on year-on-year food inflation.’’

    It, however, said on a month-on-month basis in October 2022, food inflation was highest in Sokoto at 3.55 per cent followed by Yobe by 3.31per cent and Kebbi at 3.16 per cent.

    “Kwara at -0.76 per cent, followed by Kogi at -0.55 per cent and Akwa-Ibom at -0.21 per cent recorded the slowest rise on month-on-month inflation.’’