Nigeria’s Inflation Jumps to 20.77 Percent, Highest in 17 Years and Worst in Kogi, Rivers, Benue

Nigeria’s Inflation Jumps to 20.77 Percent, Highest in 17 Years and Worst in Kogi, Rivers, Benue

  • Nigerians in the month of September 2022 were forced to budget more for food, goods and services
  • According to the NBS report, Nigeria's inflation rate increased by 20.77%, the highest level in 17 years.
  • Kogi, Rivers, and Benue recorded the highest rate of inflation among the worst-affected states.

The National Bureau of Statistics has revealed that Nigeria’s inflation rate surged to 20.77% in September 2022, the highest rate since September 2005.

NBS stated this in its Consumer Price Index (CPI) report published on Monday and obtained by Legit.ng

Details from the report showed that Nigeria’s CPI rose by 20.77% year-on-year in September 2022, up from 20.52% recorded in the previous month.

Nigeria's inflation rate for september
Snapshot of inflation rate changes in one year Credit: NBS
Source: Facebook

This means Nigerians paid more for goods and services than the previous month.

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NBS explained that the highest increases in goods and services were recorded in prices of Gas, Liquid fuel, Passenger transport by Air, Passenger travel by road, and Solid fuel.

The report also noted that Kogi, Rivers, and Benue report the highest rate of inflation among the 36 states in the month of September.

NBS stated:

"In September 2022, all items inflation rate on a year-on-year basis was highest in Kogi (23.82%), Rivers (23.49%), Benue (22.78%), while Abuja (17.87%), Borno (18.12%), and Adamawa (18.42%) recorded the slowest rise in headline Year-on-Year inflation.
"On a month-on-month basis, however, September 2022 recorded the highest increases in Jigawa (2.58%), Yobe (2.22%), Benue (2.05%), while Abuja (-0.72%), Sokoto (-0.19%) and Adamawa (0.25%) recorded the slowest rise on month-on-month inflation."

Food inflation

The food inflation rate in September 2022 was 23.34% on a year-on-year basis; which was 3.77% higher compared to the rate recorded in September 2021 (19.57%), The Cable reports.

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NBS stated rise in food inflation was caused by increased prices of Bread and cereals, Food products n.e.c, Potatoes, yam, other tubers, oil, and fat.

States with the highest food inflation

NBS revealed that in September 2022, food inflation on a year-on-year basis was highest in Kwara (33.09%), Kogi (28.46%), and Ebonyi (27.41%).

It also noted that Kaduna (18.84%), Jigawa (19.20%) and Sokoto (19.44%) recorded the slowest rise in year-on-year food inflation.

For month-on-month changes, food inflation was highest in Enugu (2.61%), Ogun (2.50%), and Oyo (2.43%), while Sokoto (-0.88%).

Ondo (0.38%) and Niger (0.62%) recorded the slowest rise on month-on-month inflation rate in the month of September.

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Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.