* Food prices highest in Kwara, Kogi, Ebonyi
The National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate surged to 20.77% in September 2022, the highest figure since September 2005.
NBS disclosed this in its Consumer Price Index (CPI) report published on Monday.
The report shows that Nigeria’s CPI rose by 20.77% year-on-year in September 2022, up from 20.52% recorded in the previous month.
NBS explained that the highest increases of goods and services were recorded in prices of gas, liquid fuel, passenger transport by air, passenger travel by road, and solid fuel.
That means Nigerians paid more for goods and services than the previous month.
On a month-on-month basis, the index rose by 1.36% compared to the 1.77% increase recorded in the previous month.
Meanwhile, the urban inflation rate stood at 21.25% in September 2022 from 17.19% recorded in the corresponding period of 2021, while rural inflation stood at 20.32%.
“In September 2022, all items inflation rate on a year-on-year basis was highest in Kogi (23.82%), Rivers (23.49%), Benue (22.78%), while Abuja (17.87%), Borno (18.12%), and Adamawa (18.42%) recorded the slowest rise in headline Year-on-Year inflation.
“On a month-on-month basis, however, September 2022 recorded the highest increases in Jigawa (2.58%), Yobe (2.22%), Benue (2.05%), while Abuja (-0.72%), Sokoto (-0.19%) and Adamawa (0.25%) recorded the slowest rise on month-on-month inflation.”
Food inflation
The food inflation rate in September 2022 was 23.34% on a year-on-year basis; which was 3.77% higher compared to the rate recorded in September 2021 (19.57%).
NBS stated that rise in food inflation was caused by increased prices of bread and cereals, food products such as, potatoes, yam, other tubers, oil, and fat.
States with the highest food inflation NBS revealed that in September 2022, food inflation on a year-on-year basis was highest in Kwara (33.09%), Kogi (28.46%), and Ebonyi (27.41%).
It also noted that Kaduna (18.84%), Jigawa (19.20%) and Sokoto (19.44%) recorded the slowest rise in year-on-year food inflation.
For month-on-month changes, food inflation was highest in Enugu (2.61%), Ogun (2.50%), and Oyo (2.43%), while Sokoto (-0.88%). Ondo (0.38%) and Niger (0.62%) recorded the slowest rise on month-on-month inflation rate in the month of September.