How Inflation Faired In States As Sokoto Leads With 46.98 Percent Food Inflation

Notwithstanding the slight decrease in inflation at 32.15 percent in August, 2024, Sokoto state is leading others with Food inflation figure of 46.98 percent on a year-on-year basis.

According to statistics on Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS), for the month under review, “In August 2024, Food inflation on a Year-on-Year basis was highest in Sokoto (46.98%), Gombe (43.25%), and Yobe (43.21%) while Benue (32.33%), Rivers (33.01%) and Bayelsa (33.36%), recorded the slowest rise in Food inflation on Year-on-Year basis.

“On a Month-on-Month basis, however, August 2024 Food inflation was highest in Adamawa (5.46%),
Kebbi (4.48%), and Borno (3.88%), while Ogun (0.08%), Akwa-Ibom (0.45%) and Sokoto (1.00%) recorded the slowest rise in Food inflation on Month-on-Month basis.”

However, in August 2024, all items inflation rate on a Year-on-Year basis was highest in Bauchi (46.46%), Kebbi (37.51%) and Jigawa (37.43%), while Benue (25.13%), Delta (26.86%) and Imo (28.05%) recorded the slowest rise in Headline inflation on Year-on-Year basis.

“On a Month-on-Month basis, however, August 2024 recorded the highest increases in Kwara
(4.45%), Bauchi (4.22%), Adamawa (3.99%), while Ogun (0.21%), Abuja (0.92%) and Kogi (1.14%) recorded the slowest rise on Month-on-Month inflation”, according to the NBS statistical report.

This is even as the NBS observed in August 2024, the headline inflation rate further eased to 32.15% relative to the July 2024 headline inflation rate of 33.40%.

It said the movement in the August 2024 headline inflation rate showed a decrease of 1.25% points when compared to the July 2024 headline inflation rate.

“However, on a year-on-year basis, the headline inflation rate was 6.35% points higher compared
to the rate recorded in August 2023 (25.80%). This shows that the headline inflation rate (year
on-year basis) increased in August 2024 when compared to the same month in the preceding
year (i.e., August 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in August 2024 was 2.22%, which was 0.06% lower than the rate recorded in August 2024 (2.28%). This means that in August 2024, the rate of increase in the average price level is lower than the rate of increase in the
average price level in July 2024″, the NBS declared.

The contributors to the inflationary trend for the month on a year-on-year basis include: Food & Non-Alcoholic Beverages (16.65); Housing, Water, Electricity. Gas & Other Fuel (5.38);
Clothing & Footwear (2.46) Transport (2.09); Furnishings & Household Equipment & Maintenance (1.62);
Education (1.27); Health (0.97)
Miscellaneous Goods & Services (0.53); Restaurant & Hotels (0.39)
Alcoholic Beverage, Tobacco & Kola (0.35) Recreation & Culture (0.22) and
Communication (0.22).