The National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate increased to 27.33% in October 2023.
The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for October, which was released in Abuja on Wednesday. According to the report, the figure, which is 0.61% points higher compared to 26.72% recorded in September 2023.
It said on a year-on-year basis, the headline inflation rate in October was 6.24% higher than the rate recorded in October 2022 at 21.09%. The report said the increase in the headline index for October 2023 on a year on year basis was attributed to the increase in some items in the basket of goods and services at the divisional level.
It said these increases were observed in food and non-alcoholic beverages at 14.16% and housing, water, electricity, gas, and other fuel at 4.57%. Others were clothing and footwear at 2.09%; transport at 1.78%; furnishings, household equipment and maintenance at 1.37%, education at 1.08%, and health at 0.82%.
It added, “Miscellaneous goods and services at 0.45%; restaurant and hotels at 0.33%; alcoholic beverage, tobacco and kola at 0.30%; recreation and culture at 0.19%, and communication at 0.19%.”
In addition, the report said, on a month-on-month basis, the headline inflation rate in October 2023 was 1.73%, which was 0.37% lower than the rate recorded in September 2023 at 2.10%.
It said; "This means that in October 2023, the rate of increase in the average price level is less than the rate of increase in the average price level in September 2023.
It said the percentage change in the average CPI for the 12 months ending October 2023 over the average of the CPI for the previous corresponding 12-month period was 23.44%.
“This indicates a 5.57% increase compared to 17.86% recorded in October 2022.”
The report said the food inflation rate in October increased to 31.52% on a year-on-year basis, which was 7.80% higher compared to the rate recorded in October 2022 at 23.72%.
It added, “The rise in food inflation on a year on year basis is caused by increases in prices of oil and fats, bread and cereals, fish, potatoes, yams and other tubers, fruits, meat, vegetable, milk, cheese and eggs. ”
It said on a month-on-month basis, the food inflation rate in October was 1.91%, which was a 0.54% drop compared to the rate recorded in September 2023 at 2.45%. The report added, “The decline in food inflation on a month-on-month basis was caused by a decrease in the average prices of fruits, oil and fats, coffee, tea and cocoa, bread and cereals. ”
It said the “All items less farm produce and energy’’ or core inflation, which excluded the prices of volatile agricultural produce and energy, stood at 22.58% in October on a year-on-year basis.
“This increased by 5.12% compared to 17.46% recorded in October 2022.
“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy,” the report continued.
It said the highest increases were recorded in prices of passenger transport by road, medical services, passenger transport by air, actual and imputed rentals for housing, pharmaceutical products etc. The NBS said on a month-on-month basis, the core inflation rate was 1.39% in October 2023.
The report added, “This indicates a 0.83% drop compared to what was recorded in September 2023 at 2.22%.
“The average 12-month annual inflation rate was 19.98 per cent for the 12 months ending October 2023, this was 4.60% points higher than the 15.38% recorded in October 2022.”
The report said on a year-on-year basis in October, the urban inflation rate was 29.29%, which was 7.66% higher compared to the 21.63% recorded in October 2022.
It said, “On a month-on-month basis, the urban inflation rate was 1.81% in October representing a 0.43% decline compared to September 2023 at 2.24%. The report said on a year-on-year basis in October, the rural inflation rate was 25.58%, which was 5.01% higher compared to the 20.57% recorded in October 2022.
“On a month-on-month basis, the rural inflation rate was 1.67%, which decreased by 0.29% compared to September 2023 at 1.96%.’’
On states’ profile analysis, the report showed in October, all items inflation rate on a year-on-year basis was highest in Kogi at 34.20%, followed by Rivers at 31.44%, and Lagos at 31.33%. It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 20.06%, followed by Jigawa at 23.52%, and Sokoto at 24.47%.
The report, however, said in October 2023, all items inflation rate on a month-on-month basis was highest in Yobe at 3.72%, Jigawa at 2.85%, and Sokoto at 2.84%.
“Kogi at 1.01%, followed by Edo at 1.05% and Kwara at 1.18% recorded the slowest rise in month-on-month inflation.”
The report said on a year-on-year basis, food inflation was highest in Kogi at 41.74%, followed by Kwara at 38.48%, and Lagos at 37.37%.
“Borno at 24.41%, followed by Kebbi at 24.90% and Jigawa at 25.10% recorded the slowest rise in food inflation on a year-on-year basis,” it added.
The report, however, said on a month-on-month basis, food inflation was highest in Yobe at 5.35%, followed by Sokoto at 3.68% and Jigawa at 3.45%.
It said, “With Edo at 0.95%, followed by Katsina at 1.03% and Rivers at 1.10% recorded the slowest rise on month-on-month food inflation.’’