Nigeria’s Inflation Rate Runs to 27.33%

Nigeria’s Inflation Rate Runs to 27.33%

Nigeria’s inflation rate ran to 27.33% in October 2023, the statistics office said in its monthly consumer price index report. Again, the increased consumer pressure was driven by a surge in food inflation.

According to the National Bureau of Statistics (NBS), the headline inflation rate increased to 27.33% relative to the September 2023 headline inflation rate which was 26.72%.

Looking at the movement, the October 2023 headline inflation rate showed an increase of 0.61% points when compared to the September 2023 headline inflation rate.

Nigeria’s inflation rate was 6.24% higher year on year compared to the rate recorded in October 2022 when it printed at 21.09%.

NBS said this shows that the headline inflation rate (year-on-year basis) increased in October 2023 compared to the same month in the preceding year (i.e., October 2022).

However, on a month-on-month basis, the headline inflation rate in October 2023 was 1.73%, 0.37% lower than 2.1% recorded in September 2023.

This means the rate of increase in the average price level is less than the rate of increase in the average price level in September 2023.

The percentage change in the average CPI for the twelve months ending October 2023 over the average of the CPI for the previous twelve-month period was 23.44%, showing a 5.57% increase compared to 17.86% recorded in October 2022.

URBAN INFLATION

On a year-on-year basis, the Urban inflation rate was 29.29%, this was 7.66% points higher compared to the 21.63% recorded in October 2022.

On a month-on-month basis, the Urban inflation rate was 1.81% in October 2023, this was 0.43% points lower compared to 2.24% reported in September 2023

NBS said the corresponding twelve-month average for the Urban inflation rate was 24.76%, 6.38% points higher compared to the 18.38% reported in October 2022..

RURAL INFLATION

The Rural inflation rate in October 2023 was 25.58% on a year-on-year basis; this was 5.01% higher compared to the 20.57% recorded in October 2022.

On a month-on-month basis, the Rural inflation rate in October 2023 was 1.67%, declined by 0.29% points compared to Sep-tember 2023 (1.96%).

The corresponding twelve-month average for the Rural inflation rate in October 2023 was 22.23%. This was 4.85% higher compared to the 17.38% recorded in Octo-ber 2022.

The Food inflation rate in October 2023 was 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 caused by increases in prices of Bread and cereals, Oil and fat, Potatoes, Yam and other Tubers, Fish, Fruit, Meat, Vegetables and Milk, Cheese and Eggs.

On a month-on-month basis, the Food inflation rate in October 2023 was 1.91% this was 0.54% lower compared to the rate recorded in September 2023 (2.45%). The decline in Food inflation on a month-over-month basis was caused by the decline in the rate of increase in the average prices of Fruits, Oil and fat, Coffee, Tea and Cocoa, Bread and Cereals.

The average annual rate of Food inflation for the twelve months ending October 2023 over the previous twelve-month average was 26.33%, which was a 6.50% points increase from the average annual rate of change recorded in October 2022 (19.83%).

All Items Inflation

In October 2023, the All-Items inflation rate 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.

On a Month-on-Month basis, however, 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.

Food Inflation

In October 2023, Food inflation on a Year-on-Year basis was highest 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 in Food inflation on a Year-on-Year basis.

On a Month-on-Month basis, however, October 2023 Food inflation was highest in Yobe (5.35%), Soko-to (3.68%) and Jigawa (3.45%), while Edo (0.95%), Katsina (1.03%) and Rivers (1.10%) rec-orded the slowest rise in inflation on Month-on-Month basis.  Naira Devaluation Deepens Economic Crisis in Nigeria