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Home News Nigeria’s Inflation Hits 14.23 Percent As Food Prices Skyrocket

Nigeria’s Inflation Hits 14.23 Percent As Food Prices Skyrocket

by Joshua Ologunde

Nigeria’s Inflation Hits 14.23 Percent As Food Prices Skyrocket

Nigeria’s inflation rose from 0.52 per cent to a whopping 14.23 per cent last month, October.

This was revealed by the National Bureau of Statistics on the release of its Consumer Price Index monthly figures.

According to NAN, the NBS report, which was released in Abuja on Monday, said that the CPI, which measures inflation, was higher than 13.71 per cent recorded in September.

The News Agency of Nigeria, NAN, reports that CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

NAN reports that there has been a steady rise in inflation rate from 11.24 per cent since September 2019.

The October report said that the increase in inflation was on a year-on-year basis and increases were recorded in all Classification of Individual Consumption by Purpose, COICOP, divisions that yielded the Headline Index.

It said that on a month-on-month basis, the headline index increased by 1.54 per cent in October, showing 0.06 per cent rate higher than 1.48 per cent recorded in September.

“The percentage change in the average composite CPI for the 12 months’ period ending October over the average of the CPI for the previous 12 months period was 12.66 per cent.

“This shows 0.22 per cent point rise from 12.44 per cent recorded in September.

“The urban inflation rate increased by 14.81 per cent (year-on-year) in October from 14.31 per cent recorded in September, while the rural inflation rate increased by 13.68 per cent in October 2020 from 13.14 per cent in September 2020.

On a month-on-month basis, the urban index rose by 1.60 per cent in October 2020, up by 0.04 from 1.56 per cent recorded in September.

“The rural index also rose by 1.48 per cent in October, up by 0.08 per cent from the rate recorded in September of 1.40 per cent.”

According to the report, the corresponding 12-month year-on-year average percentage change for the urban index is 13.29 per cent in October.

This, it said, was higher than 13.07 per cent reported in September, while the corresponding rural inflation rate in October was 12.09 per cent compared to 11.86 per cent recorded in September.

The NBS also said that the composite food index rose by 17.38 per cent in October compared to 16.66 per cent recorded in September.

It said that the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetable, alcoholic and food beverages as well as oils and fats.

It said that on month-on-month basis, the food sub-index increased by 1.96 per cent in October was up by 0.08 per cent points from 1.88 per cent recorded in September.

For the ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce, the NBS said it stood at 11.14 per cent in October, up by 0.56 per cent when compared with 10.58 per cent recorded in September.

It added that on month-on-month basis, the core sub-index increased by 1.25 per cent in October, up by 0.31 per cent when compared with 0.94 per cent recorded in September.

According to the report, the highest increases are recorded in prices of passenger transport by air, hospital and medical services, passenger transport by road, pharmaceutical products, motor cars and vehicle spare parts.

Others are maintenance and repair of personal transport equipment, hairdressing salons and personal grooming establishments, miscellaneous services relating to the dwelling, paramedical services as well as shoes and other footwear.

For state profiles, the NBS said that all items inflation on year on year basis was highest in Zamfara at 17.69 per cent followed by Sokoto at 16.99 per cent and Ebonyi 16.91 per cent.

According to it, Lagos has 11.96 per cent, Abuja 11.84 per cent and Cross River 10.50 per cent, recording the slowest rise in headline Year on Year inflation.

On month on month basis however, it said that all items inflation for the month under review was highest in Sokoto at 2.91 per cent, Edo 2.53 per cent and Akwa Ibom 2.52 per cent.

Meanwhile, Oyo stood at 0.69 per cent, Taraba 0.60 per cent and Jigawa had 0.37 recording the slowest rise in headline month on month inflation.

For food inflation, on a year on year basis, it was highest in Edo with 21.65 per cent, Zamfara 20.88 per cent and Kogi 20.58 per cent, while Lagos with 14.57 per cent, Ogun with 14.47 per cent and ondo at 14.23 per cent recorded the slowest rise.

“On month on month basis however, October food inflation was highest in Kwara at 3.88 per cent, Edo 3.81 per cent and Sokoto 3.65 per cent.

“While Oyo stood at 0.57 per cent, Jigawa is put at 0.54 per cent and Taraba at 0.29 per cent recorded the slowest rise on month on month inflation,” NBS reports said.

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