The National Bureau of Statistics (NBS) revealed that Nigeria’s food inflation hit 23.72 per cent in October 2022, in contrast to the 23.34 per cent recorded in September 2022.
This is a 5.39 per cent year-on-year growth, as food inflation was 18.34 per cent in October 2021. According to the NBS, the growth had been driven by bread and cereals, Food products, potatoes, yams and other tubers, oil and fat.
However, on a month-on-month basis, the food inflation grew by 1.23 per cent in October 2022. This is below the 1.43 per cent month-on-month growth rate in September this year, NBS CPI and Inflation report showed on Tuesday.
This means on a month-on-month basis, the food inflation recorded a decline of 0.21 per cent. NBS said “This decline was attributed to the reduction in prices of some food items like Tubers, Palm oil, Maize, Beans, and Vegetables.”
A breakdown of the food inflation rate year-on-year showed that the highest rise was recorded in Kwara, Kogi and Imo, while the slowest rise was reported in Kaduna, Plateau, and Jigawa.
“In October 2022, food inflation on a year-on-year basis was highest in Kwara (30.79%), Kogi (28.74%) and Imo (28.64%), while Kaduna (19.96%), Plateau (20.17%) and Jigawa (20.42%) recorded the slowest rise in year-on-year food inflation.
“On a month-on-month basis, however, October 2022 food inflation was highest in Sokoto (3.55%), Yobe (3.31%) and Kebi (3.16%), while Kwara (-0.76%), Kogi (-0.55%) and AkwaIbom (-0.21%) recorded the slowest rise on month-on-month inflation,” NBS said in the report.
Meanwhile, for the All Items or Core Inflation, which excludes farm produce, and comprises prices of Gas, Liquid fuel, Passenger transport by Air, Solid fuel, and vehicles spare parts, NBS said the rate was up by 4.52 per cent to close October with 17.76 per cent, above the 13.24 per cent recorded in October 2021.
The report disclosed Kogi, Bauchi and Ondo recorded the highest increase in All Items Inflation in October 2022, “all items inflation rate on a year-on-year basis was highest in Kogi (25.15%), Bauchi (23.45%), Ondo (23.45%), while Plateau (19.02%), Borno (19.31%) and Nasarawa (19.39%) recorded the slowest rise in headline Year-on-Year inflation.
“On a month-on-month basis, however, October 2022, recorded the highest increases in Abuja (3.18%), Kebbi (2.80%), Sokoto (2.57%), while Kwara (-0.14%), Kogi (0.06%) and Oyo (0.30%) recorded the slowest rise on month-on-month inflation.”
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