The lastest consumer price index (CPI) report released by the National Bureau of Statistics (NBS) show that inflation rate in Nigeria surged to 21.09% in October from 20.77% in September.
The CPI increased by 1.24% month-on-month, compared to a 1.36% increase recorded in the previous month.
"On a month-on-month basis, the headline inflation rate moderated to 1.24% compared to 1.36% recorded in the previous month, but higher than the 0.98% recorded in the corresponding period of 2021. The increase in the composite index was due to increases in the core and food inflation rate in the period under review."
According to the data by NBS, on a month-on-month basis, the food inflation rate in October rose by 1.23%, representing a 0.21% decrease, when compared to the increase in rate recorded in September 2022 (1.43%).
The items that experienced highest increases in prices were Gas, Liquid fuel, Passenger transport by Air, Solid fuel, and vehicle spare parts, the data show.
Food Inflation Rate by States
The rate of food inflation on a year-on-year basis according to states, the report revealed that Kogi State was the highest with 25.15%
Other states with high food inflation rates include Bauchi/Ondo with 23.45% and Bayelsa with 23.09%. Plateau (19.02), Borno (19.31%), and Nasarawa (19.39%) recorded the slowest rise on year-on-year food inflation."
On the other hand, on a month-on-month basis, "October 2022 food inflation was highest in FCT (3.18%), Kebbi (2.80%), and Sokoto (2.57%), while Kwara (-0.14%), Kogi (0.06%) and Oyo (0.30%) recorded the slowest rise on month-on-month inflation," the report said.
