Nigeria’s inflation rate has hit 27.33 percent for the month of October, 2023, as the National Bureau of Statistics (NBS) attributed the increase to food and non-alcoholic beverages inflation which had a share of 14.16percent in the basket of sampled items.
The October inflation showed increased of 0.61 percent when compared with the previous month of September, 2023 which was 26.72 percent.
The breakdown of sectoral contributions to the total 27.33 percent inflation in the month of October, 2023, showed: Food and non-alcoholic Beverages (14.16%), Housing, Water, Electricity, Gas & other Fuel (4.57%), Clothing & Footwear (2.09%), Transport (1.78%), Furnishings & Household Equipment and maintenance (1.37%), Education (1.08%) and Health (0.82%). Others are Miscellaneous Goods & Services (0.45%), Restaurants & Hotels (0.33%), Alcoholic Beverages, Tobacco & Kola (0.30%), Recreation & Culture (0.19%) and Communication (0.19%).
The Food sub-index for October 2023 increased to 31.52% on a year-on-year basis, which was 7.80% points higher compared to the rate recorded in October 2022 (23.72%).
The rise in Food inflation on a year-on-year basis was attributed to increases in prices of Bread & cereals, Oil & fat, Potatoes, Yam & other Tubers, Fish, Fruit, Meat, Vegetables and Milk, Cheese, and Eggs.
These statistics were released by the Statistician General of the Federation, Prince Adeyemi Adeniran on Wednesday while unfolding the Consumer Price Index (CPI) for the month of October, 2023.
According to Prince Adeniran, “The analyses of the states show that the all-item index for October 2023, on a year-on-year basis was highest in Kogi (34.20%), Rivers (31.44%), Lagos (31.23%), while Borno (20.06%), Jigawa (23.52%) and Sokoto (24.47%) recorded the slowest rise in headline inflation.
“On a month-on-month basis, October 2023 recorded the highest increases in Yobe (3.72%), Jigawa (2.85%), Sokoto (2.84%), while Kogi (1.01%), Edo (1.05%) and Kwara (1.18%) recorded the slowest rise on month-on-month inflation.
“State-level analyses of the food index in October 2023, on a year-on-year basis, showed the highest increases in Kogi (41.74%), Kwara (38.48%) and Lagos (37.37%), while Borno (24.41%), Kebbi (24.90%) and Jigawa (25.10%) recorded the slowest rise.
“On a month-on-month basis, however, October 2023 Food inflation was highest in Yobe (5.35%), Sokoto (3.68%) and Jigawa (3.45%), while Edo (0.95%), Katsina (1.03%) and Rivers (1.10%) recorded the slowest rise.”
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