The National Bureau of Statistics (NBS) has said that Nigeria\u2019s headline inflation rate increased to 21.09per cent on a year-on-year basis in October, 2022.
\nNigeria\u2019s headline inflation rate stood at 20.77per cent on a year-on-year basis in September, 2022.
\nThe NBS made this known via its Consumer Price Index (CPI) and Inflation Report for October released on Wednesday.
\nAccording to the report, the figure is 5.09per cent points higher compared to 15.99per cent recorded in October, 2021.
\n\u201cThis 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.
\n\u201cMeaning that in October, 2022, the general price level was 5.09per cent higher relative to October, 2021,\u201d it said.
\nAccording to the report, factors responsible for the increase in annual inflation rate include disruption in the supply of food products.
\nIt 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.
\nThe report said on a month-on-month basis, the Headline inflation rate in October, 2022 was 1.24per cent, which was 0.11per cent lower than the rate recorded in September, 2022 at 1.36per cent.
\n\u201cThis means that in October, 2022, the general price level for the headline inflation rate on a month\u2013on\u2013month basis declined by 0.11per cent,\u201d the report.
\nAccording to the report, the factor responsible for the decline in the monthly inflation rate is a decline in the current month\u2019s food index relative to the reference month index, which is due to the harvest season.
\nThe 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 17.86per cent
\n\u201cThis indicates a 0.91per cent increase compared to the 16.96per cent recorded in October, 2021,\u201d the report noted.
\nIt said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
\nThe report said the food inflation rate in October, 2022 was 23.72per cent on a year-on-year basis, which was 5.39per cent higher compared to the rate recorded in October, 2021 at 18.34per cent.
\n\u201cThe rise in food inflation is caused by increases in prices of bread and cereals, food products, potatoes, yams and other tubers, oil and fat.\u201d
\nIt said on a month-on-month basis, the food inflation rate in October was 1.23per cent, which was a 0.21per cent decline compared to the rate recorded in September, 2022 at 1.43per cent.
\n\u201cThis decline was attributed to the reduction in prices of some food items like tubers, palm oil, maize, beans, and vegetables.
\n\u201cThe average annual rate of food inflation for the 12-months ending October, 2022 was 19.83per cent , which was a 0.92per cent points decline from the average annual rate of change recorded in October, 2021 at 20.75per cent,\u201d it stated.
\nThe report said on a year-on-year basis in October, 2022, the urban inflation rate was 21.63per cent, which was 5.11per cent higher compared to the 16.52per cent recorded in October, 2021.
\n\u201cOn a month-on-month basis, the urban inflation rate was 1.33per cent in October, 2022, this was a 0.12per cent decline compared toSeptember, 2022 at 1.46per cent,\u201d the report noted.
\nIt said the corresponding 12-month average for the urban inflationrate was 18.38per cent in October, 2022.
\n\u201cThis was 0.85per cent higher compared to the 17.53per cent reported in October, 2021,\u201d it said.
\nThe report said on a year-on-year basis in October, 2022, the rural inflation rate was 20.57per cent, which was 5.09per cent higher compared to the 15.48per cent recorded in October, 2021.
\n\u201cOn a month-on-month basis, the rural inflation rate in October, 2022 was 1.16per cent, which declined by 0.11per cent compared to September, 2022 at 1.27per cent,\u201d it stated.
\nIt said the corresponding 12-month average for the rural inflation rate inOctober, 2022 was 17.38per cent, which was 0.98per cent higher compared to the 16.39per cent recorded in October, 2021.
\nOn states\u2019 profile analysis, the report showed in October, 2022, all items inflation rate on a year-on-year basis was highest in Kogi at 25.15per cent, followed by Bauchi at 23.45per cent, and Ondo at 23.45per cent.
\nIt, however, said the slowest rise in headline year-on-year inflation was recorded in Plateau at 19.02per cent followed by Borno at 19.31per cent and Nasarawa at 19.39per cent.
\nThe report, however said in October, 2022, all items inflation rate on a month-on-month basis was highest in Abuja at 3.18per cent, followed by Kebbi at 2.80per cent, and Sokoto at 2.57per cent.
\n\u201cKwara at -0.14per cent, followed by Kogi at 0.06per cent and Oyo at 0.30per cent recorded the slowest rise on month-on-month inflation,\u201d it added.
\nThe report said food inflation in October, 2022, on a year-on-year basis was highest in Kwara by 30.79per cent, followed by Kogi at 28.74per cent and Imo at 28.64per cent.
\n\u201cKaduna at 19.96per cent, followed by Plateau at 20.17per cent and Jigawa at 20.42per cent recorded the slowest rise on year-on-year food inflation,\u201d it said.
\nIt, however, said on a month-on-month basis in October, 2022, food inflation was highest in Sokoto at 3.55per cent followed by Yobe by 3.31per cent and Kebbi at 3.16per cent.
\n\u201cKwara at -0.76per cent, followed by Kogi at -0.55per cent and Akwa-Ibom at -0.21per cent recorded the slowest rise on month-on-month inflation,\u201d it noted.<\/p>\n","protected":false},"excerpt":{"rendered":"
The National Bureau of Statistics (NBS) has said that Nigeria\u2019s headline inflation rate increased to 21.09per cent on a year-on-year basis in October, 2022. Nigeria\u2019s headline inflation rate stood at 20.77per cent on a year-on-year basis in September, 2022. The NBS made this known via its Consumer Price Index (CPI) and Inflation Report for October […]<\/p>\n","protected":false},"author":1,"featured_media":289468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76],"tags":[688],"class_list":["post-308313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","tag-front-pix"],"_links":{"self":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/308313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=308313"}],"version-history":[{"count":1,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/308313\/revisions"}],"predecessor-version":[{"id":308321,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/308313\/revisions\/308321"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/media\/289468"}],"wp:attachment":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=308313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=308313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=308313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}