According to recent data obtained by the National Bureau of Statistics (NBS), Bauchi State has the highest inflation rate in Nigeria, standing at 24.79 percent. The study, which reviewed inflation rates between January 2022 and January 2023, revealed that Ondo and Anambra states had the second and third-highest inflation rates, respectively, at 24.54 percent and 24.51 percent.
Conversely, Jigawa state had the slowest inflation rate at 19.09 percent, followed by Borno at 19.62 percent and Sokoto at 19.90 percent. The NBS report stated that the year-on-year inflation rate for all items was highest in Bauchi, Ondo, and Anambra, while the slowest rise in headline year-on-year inflation was recorded in Jigawa, Borno, and Sokoto.
The report also disclosed that, in January 2023, Lagos, Taraba, and Ondo recorded the highest monthly increases in inflation, while Yobe, Jigawa, and Oyo had the slowest rise in inflation. Additionally, food inflation was highest in Kwara, Lagos, and Ondo on a yearly basis, while Jigawa, Sokoto, and Yobe had the slowest rise in yearly food inflation.
The report attributed the rise in food inflation to an increase in prices of bread and cereals, oil and fat, potatoes, yam, and other tubers, fish, vegetables, fruits, meat, and food products. On a monthly basis, food inflation was highest in Lagos, Ogun, and Ekiti, while Yobe, Jigawa, and Kebbi had the slowest rise in monthly inflation.
Moreover, the report highlighted that the food inflation rate for January 2023 was 24.32 percent yearly, which was 7.19 percentage points higher than the rate recorded in January 2022. The increase was attributed to a rise in the prices of some food items such as oil and fat, bread and cereals, fish, potatoes, yam, and tubers. Finally, the report indicated that the average annual rate of food inflation for the twelve months ending in January 2023 was 21.53 percent, which was 1.44 percentage points higher than the average annual rate of change recorded in January 2022.
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