Home Economy Inflation rate hits 21.09% in October 2022 — NBS

Inflation rate hits 21.09% in October 2022 — NBS

by STALLION TIMES
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NBS Abuja

The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 21.09 percent 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 percent points higher compared to the 15.99 percent recorded in October 2021.

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

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

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

It said other factors were increases 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 percent, which was 0.11 percent lower than the rate recorded in September 2022 at 1.36 percent.

“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 percent.’’

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 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 percent

“This indicates a 0.91 percent increase compared to the 16.96 percent 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 percent on a year-on-year basis, which was 5.39 percent higher than the rate recorded in October 2021 at 18.34 percent.

“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 percent, which was a 0.21 percent decline compared to the rate recorded in September 2022 at 1.43 percent.

“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 percent, which was a 0.92 percent points decline from the average annual rate of change recorded in October 2021 at 20.75 percent.’’

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

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

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

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

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

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

It said the corresponding 12-month average for the rural inflation rate in October 2022 was 17.38 percent, which was 0.98 percent higher compared to the 16.39 percent 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 percent, followed by Bauchi at 23.45 percent, and Ondo at 23.45 percent.

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

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

“Kwara at -0.14 percent, followed by Kogi at 0.06 percent and Oyo at 0.30 percent 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 at 30.79 percent, followed by Kogi at 28.74 percent and Imo at 28.64 percent.

“Kaduna at 19.96 percent, followed by Plateau at 20.17 percent and Jigawa at 20.42 percent 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 percent followed by Yobe at 3.31per cent and Kebbi at 3.16 percent.

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

Source: NAN

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